Singapore Land's core PATMI down 17% to $49.6m in 1Q13

Blame it on The Trizon.

According to Maybank Kim Eng, SingLand reported a 1Q13 core PATMI of SGD49.6m (-11% YoY, -17% QoQ), due mainly to lower contribution from The Trizon and in line with expectations.

The recent announcement of the proposed new retail wing to be built at Marina Square will help to make the mall more relevant and enhance shareholders’ value.

Here's more from Maybank Kim Eng:

Rental income takes a dip. Despite a marginal improvement in 4Q12, SingLand’s gross rental income took a 4% QoQ dip to SGD57.8m in 1Q13 amid the competitive office leasing landscape.

Further downside pressure is likely as SingLand may have to moderate asking rents in order to retain tenants. Gross profit from hotel operations also softened by -12% QoQ to SGD5.5m due to higher costs, despite the Pan Pacific Singapore having undergone a major refurbishment last year.