Mapletree Logistics Trust’s Q2 DPU rises 1.2%

Mapletree Logistics Trust (MLT) saw a 1.2 per cent on-year increase in its distribution per unit (DPU) in the second quarter of its financial year.

Its DPU for the three months ended 30 September 2012 came in at 1.71 cents, up from the 1.69 cents announced in the same period a year ago.

Amount distributable to unitholders during this period rose by 1.2 per cent on-year to S$41.4 million.

Gross revenue rose 13.4 per cent to S$77.5 million, while net property income climbed 14.6 per cent on-year to S$67.5 million.

In a statement to the Singapore Exchange, MLT said the improvement was driven largely by an enlarged portfolio and higher revenue from existing assets, underpinned by continued high occupancy and positive rental reversions.

However, its performance this quarter was partially offset by lower contributions from Iwatsuki Centre in Japan, which saw one of its buildings destroyed by fire in 2011.

As at 30 September 2012, MLT’s portfolio comprises 110 properties across Asia, with a book value of approximately S$4.2 billion.

Mapletree Logistics remains cautiously optimistic about its performance outlook, amid uncertainty in the global macroeconomic conditions.

“While we are mindful of the ongoing economic challenges, we believe that the portfolio’s strong underlying fundamentals and capital structure will provide the foundation for MLT to continue delivering value to Unitholders,” said Ng Kiat, CEO of Mapletree Logistics Trust Management, the trustee-manager of MLT.

Ms Ng added: “Going forward, we remain committed to pursuing quality and sustainable yield accretive investments that can cater to our customers’ diverse logistics real estate needs.”

Source : Channel NewsAsia – 18 Oct 2012

COMMENTS