Mapletree Industrial Trust DPU up 14.1% in Q1

Mapletree Industrial Trust (MIT) on Tuesday reported a 14.1 per cent year-on-year increase in its first quarter distribution per unit (DPU) to 2.26 cents.

The DPU was up from the 1.98 cents DPU it posted in the same period a year ago.

Distributable income for the quarter ended June also rose by 27.1 per cent to S$36.9 million from S$29 million last year.

The trust, partly-owned by Temasek Holdings, attributes the strong results to its flatted factories portfolio, positive rental revisions and stable occupancy in key property segments.

“Average passing rent increased to S$1.56 per square foot per month from S$1.55 psf/mth in the previous quarter. Average portfolio occupancy remained stable at 94.9 per cent,” the trust manager said in a statement on Tuesday.

Net property income for the three-month period was up 26.4 per cent to S$48.3 million from S$38.2 million.

The manager says it is cautiously optimistic that the trust will continue to perform well for the rest of the financial year given its healthy balance sheet and diversified portfolio.

Source : Channel NewsAsia – 24 Jul 2012

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