MYP (F86) H1 2027 earnings summary

Executive summary

• H1 FY2027 revenue was $9.006m, down 3.6% YoY; operating results fell 7.6% to $5.667m, and the period ended with a $110k net loss versus $1.203m profit.

• Revenue softness reflected outgoing-tenant rental losses, lower supplemental and ad-hoc income, and lower electricity income, partly offset by new-tenant rent.

Financial highlights

• Net finance costs rose 23.6% to $5.716m, mainly due to lower interest income, partly offset by lower borrowing rates; borrowings were unchanged.

• Total expenses increased 12.0% to $9.121m; lower property operating costs and tax were outweighed by higher depreciation, other operating expenses and net finance costs.

• Operating cash flow was $6.380m; cash and cash equivalents for cash-flow purposes closed at $128.262m, versus $83.285m a year earlier.

Outlook and guidance

• Monitoring office rental conditions and bank interest-rate movements; continuing to explore strategic investments in value assets with attractive return potential.