Weaker Japanese yen hits Mapletree Logistics Trust revenues

1QFY14 gross revenue down 2%.

According to OCBC Investment Research, Mapletree Logistics Trust (MLT) reported 1QFY14 gross revenue of S$75.4m and NPI of S$65.3m, down 2% and 3% respectively.

"The decline was mainly due to a weaker JPY against the SGD. Excluding the forex impact, gross revenue and NPI would have increased by 3% and 2%, respectively," said the research firm.

"The impact of the depreciating JPY on distributable income was mitigated by currency hedges. During the quarter, MLT also benefitted from lower borrowing costs and a partial distribution of the net gain from the divestment of 30 Woodlands Loop," it added.

"As a result, amount distributable to unitholders rose 6.9% YoY to S$44.0m while DPU grew 5.9% to 1.80 S cents. Stripping out the divestment gains, DPU would be up 4.7% YoY. The results were in line with expectations, as 1Q DPU have met 24.8% and 25.4% of our and consensus full-year DPU projections," it said further.