We have extracted the financial summary from the third quarter interim report of Ascencia Limited listed on the Stock Exchange of Mauritius under the share code ASCE.mu. Ascencia is a commercial property fund with an investment portfolio comprising quality income earning properties located in Mauritius.

The following is an excerpt from the Q32019 Interim Report:

GROUP REVIEW FOR THE QUARTER

Operational review Results were strong for the quarter and the nine months ended 31 March 2019, with Net Operational Income increasing by 13% and 18% respectively compared to the same period last year. This improvement was mainly driven by successful annual contractual increase in leases, straight line rental accrual and full contribution of So’flo for the nine months. Vacancy remains low at 1.8% as at 31 March 2019 (March 2018: 2.0%).

Tenant performance

Trading continues its upward trend with the average trading densities increasing by 8.3% during the period. Rent to turnover decreased to 7.6% (March 2018: 7.8%), confirming the financial strength of our tenants. This improvement is mainly due to higher visits (+4%), and a higher spend per head.

Share price

Share price has been on the rise and closed at Rs 19.10 on 31 March 2019, a 14% increase compared to last year

Outlook

The development of Bo’Valon Shopping Mall is well on track and is scheduled to open in November 2019, with a GLA of 10,000 sqm. New and improved accesses to Phoenix Mall have been approved by the Board. Construction works are due to start in June 2019. This will bring additional parking and better access to the Mall. Vacancy in So’flo will decrease with new shops which are due to open in the next quarter (approximately 4.5% of the Mall GLA). The renovation of Riche-Terre Mall gallery and extension of Bagatelle Mall are also due to commence in financial year 2020. The management is confident that the performance of the assets will remain strong and that the Group’s financial performance for the year 2019 will be on target.