Mapletree Logistics Trust posts 2 per cent rise in first-quarter distribution to 1.887 cents

A file picture of completed redevelopment works by Mapletree Logistics Trust (MLT)  at Toh Guan Road East. PHOTO: MAPLETREE LOGISTICS TRUST MANAGEMENT
A file picture of completed redevelopment works by Mapletree Logistics Trust (MLT) at Toh Guan Road East. PHOTO: MAPLETREE LOGISTICS TRUST MANAGEMENT

SINGAPORE - Mapletree Logistics Trust has announced a 2 per cent growth in first-quarter distribution per unit (DPU) to 1.887 cents, backed by stronger earnings and new acquisitions.

This is up from the DPU of 1.85 cents in the same period a year earlier.

Distributable income for the three months ended June 30 rose 2.5 per cent to $47.2 million.

The better showing came as net property income expanded 7.5 per cent to $80.8 million and gross revenue rose 7 per cent to $95.8 million.

These improvements were driven by a stronger performance from existing properties in Singapore and Hong Kong, and accretive acquisitions completed last year.

This was partially offset by lower contribution from a South Korean property which was recently converted from a single-user asset to a multi-tenanted building, said the manager in a statement on Monday.

Units of Mapletree Logistics Trust closed 0.8 per cent or one cent higher at $1.22 on Monday, before the results were released.

tsjwoo@sph.com.sg