Link Real Estate Investment Trust (HKG:0823) reported a 4.8% year-on-year increase in revenue to HK$14.2 billion for the year ended March 31, according to a Tuesday Hong Kong bourse filing.

Net property income climbed 5.5% to HK$10.6 billion, driven by improved performance across most of its operating markets.

Total distributable amount grew 4.6% to HK$7 billion, mainly due to stronger Hong Kong results and full-year contribution from Link Plaza Qibao, lower finance costs, and one-off tax adjustments.

Despite that, the trust logged a wider net loss of HK$9.4 billion, versus a HK$2.5 billion loss a year earlier, as property valuation markdowns and "major headwinds" in Hong Kong retail weighed.

Final distribution per unit was HK$1.3745, bringing the full-year figure to HK$2.7234, up 3.7% year-on-year.

Net asset value per unit fell 9.6% to HK$63.30. The portfolio's valuation declined 6.6% to HK$220.41 billion.