Company Briefs: Ascott Reit

Ascott Reit

A one-off gain last year was partly to blame for a fall in distribution per unit (DPU) at Ascott Residence Trust (Ascott Reit) in the third quarter.

DPU came in at 1.69 cents for the three months to Sept 30 from an adjusted 2.35 cents a year ago - a decline of 28 per cent. The Reit manager said the drop was mainly due to a realised foreign exchange gain in the comparable period last year, as well as the effects of a rights issue in March this year to fund acquisitions. DPU would have risen by 1 per cent to 2.18 cents from 2.15 cents a year earlier if the one-off items and the effects of the rights issue were excluded.

Cache Logistics Trust

Cache Logistics Trust has posted a third-quarter distribution per unit (DPU) of 1.541 cents, down 12.8 per cent from a recomputed 1.767 cents a year earlier.

The lower DPU was due mainly to lower income available for distribution from operations and an enlarged number of units due to a rights issue. Distributable income in the three months to Sept 30 was $16.4 million, a 0.8 per cent fall from the same period last year.

Gross revenue fell 2.2 per cent to $27.4 million, due to the divestment of Cache Changi Districentre 3 and lower income from 51 Alps Avenue due to ongoing legal matters. This was partly offset by higher rental contribution from DHL Supply Chain Advanced Regional Centre, Cache Cold Centre and the Australia portfolio.

Keppel Telecommunications and Transportation

Keppel Logistics, a subsidiary of mainboard-listed Keppel Telecommunications and Transportation, has rolled out an integrated logistics brand to better serve businesses and consumers, as it moves to tap the fast-growing spheres of e-commerce and urban logistics.

The new arm - UrbanFox - is a multi-channel logistics and sales marketing solutions brand with a full suite of capabilities comprising e-commerce channel management, warehousing and inventory, as well as last-mile fulfilment. Global brands, including Kao and Mondelez, are already working with UrbanFox and are listing and selling their products on online marketplaces in Singapore.

In the next two years, UrbanFox said it will invest $20 million in automation and process optimisation to beef up its operational capabilities. The amount is largely funded by Keppel while the remaining comes from government agencies.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on October 25, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe