On Thursday, Saizen REIT in Singapore said that it proposed not to declare any distribution for Q2 after reporting a loss.
The company reported a net loss of 94.3 million yen or as much as $1.48 million for three months that ended December last year. This was a sharp contrast to the company’s profit worth of 214.6 million yen over the same period the previous year.
The net loss was largely due to the divestment of the company’s properties, leading to the overall drop in its earnings.
The result was also impacted by a lower revenue due to the decline in rental rates and the increase in other expenses.
Saizen REIT added that it hopes to make progress in securing new finances, as the financial situation in Japan stabilises.
The company said it will start accumulating cash for distribution in Q4 in the current fiscal year, and resume distribution for the period ending in June this year.