Mapletree Logistics Trust posts 2 per cent rise in first-quarter distribution to 1.887 cents
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A file picture of completed redevelopment works by Mapletree Logistics Trust (MLT) at Toh Guan Road East. PHOTO: MAPLETREE LOGISTICS TRUST MANAGEMENT
Jacqueline Woo
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
