FLCT's NPI climbed 14.2% to $50.47m in Q2

DPU edged up 4.4% YoY to 1.73 cents.

Frasers Logistics & Commercial Trust (FLCT) saw its net property income (NPI) rise 14.2% YoY to $50.47m (A$54.65m) in Q2 FY2020 from $44.21m (A$47.87m) in FY2019, an SGX filing revealed. The company’s H1 FY2020 NPI inched up 11.1% YoY to $99.33m (A$107.56m) from $89.38m (A$96.8m) in H1 FY2019.

Also read: FLT rebrands to Frasers Logistics & Commercial Trust after merger

The quarterly figure increased on the back of contributions from the property acquisitions in Europe and Australia in the financial year ended 30 September 2019, which was partially offset by divestment activities in Australia.

Likewise, revenue climbed 12.8% YoY in Q2 to $62.14m (A$67.3m) from $559.09m (A$59.67m) in 2019. Accordingly, distributable income jumped 16.7% YoY to $39.79m (A$43.1m) from $34.07m (A$36.9m) a year ago.

Distribution per unit (DPU) in Q2 edged up 4.4% YoY to 1.73 cents (1.9 Australian cents). The record date for the FLT Clean-up Distribution was on 14 April, and the distribution amount of 3.73 cents will be paid on 26 June.

The total return attributable to unitholders jumped 22.8% YoY to $38.13m (A$41.3m), thanks to a gain on divestment of investment property held for sale of $923,237 (A$1m), a fair value gain on foreign currency forward contracts of $2.24m (A$2.4m) to hedge the currency risk on distributions to unitholders, and net exchange gains of $2.03m (A$2.2m).