Mapletree Logistics Trust net property income slides 1.3% to S$66.6m

Weaker Japanese yen pulls down profits.

"Mapletree Logistics Trust (MLT) reported a 1.3% YoY drop in 2QFY14 NPI to S$66.6m, as its Japan portfolio saw lower translated income on weaker JPY," said OCBC Investment Research in its results analysis.

"Stripping out the forex impact, NPI would have increased by 3.4% due to positive rental reversions and contributions from its past three acquisitions," it added.

OCBC said that total amount distributable to unitholders grew at a faster pace of 7.5% to S$44.5m, as MLT substantially hedged its income streams from Japan, benefitted from lower financing costs, and distributed S$0.6m in divestment gains from 30 Woodlands Loop.

For the quarter, DPU came in at 1.82 S cents, representing a 6.4% growth YoY.

"We deem the results to be in line with our expectations, as 1HFY14 DPU of 3.62 S cents have met 49.9% of our full-year DPU forecasts (consensus: 51.0%). Looking ahead, MLT reiterated that it will continue to optimize the portfolio yield through repositioning, enhancement and redevelopment opportunities," said OCBC.

Also Read

SingPost brings service closer to commuters

Industrial landlords offer flexibility amidst softer demand

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit