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Ascencia’s first quarter profits almost double compared to 2021

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Ascencia's first quarter profits almost double compared to 2021

Ascencia, which runs the major malls on the island, has posted a 14.8% increase in Net
Operational Income for the quarter ended 31 March 2022, according to its latest financial statements.

Compared toQ3:2021 (heavily impacted by sanitary restrictions), the performance of most segments was this time satisfactory except for eat-out, leisure and entertainment sectors.

It posted profits of Rs152million for the quarter (Rs92.7million in Q1:2021) and Rs409million for the last 9 months compared to Rs368million for the same period in 2021.

Ascencia said it has successfully renewed 93% of gross lettable area (21,228 m2) at an average rent reversion rate of 4.1%. The remaining will be completed in the fourth quarter.

“The bulk of the renewals concerns Bagatelle Mall at an average rent reversion rate of 5.2%.”

Ascencia added that prevailing economic conditions and increasing fuel prices have an incidence on consumer pattern and spending. It said it is closely monitoring the situation.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.