Frasers Logistics & Industrial Trust's NPI climbed 24.4% to $46.3m in Q3

Acquisitions in Australia and Europe pushed income up.

Frasers Logistics & Industrial Trust (FLT) sustained its strong business momentum after adjusted net property income rose 24.4% YoY to $46.3m (A$48.9m) in Q3 from $37.2m (A$39.3m) in 2018. Revenue also rose 21.6% YoY to $56.8m (A$60m) in Q3 from $46.7m (A$49.3m) in the same period

Also read: Frasers Logistics & Industrial Trust NPI jumped 43.3% to $45.97m in Q2

The income boost was a result of the firm’s 2018 acquisitions in Europe and Australia, as well as other income of $1m (A$1.1m), which was partially offset by the FY2018 divestments and the South Park Drive sale.

Distribution per unit (DPU) in SGD went down 3.9% YoY to $0.017 in Q3 from $0.018 in, but grew 3.4% in AUD.

Distributable income was also 20.4% YoY higher at $34.9m (A$36.9m) in the same period from A$30.7m in the corresponding quarter..

Finance costs in Q3 is at $6.7m (A$7.1m), up $0.57m (A$0.6m) in Q3 2018, thanks to higher borrowings to finance the various acquisitions in FY2018 and FY2019.

The total return attributable to unitholders of the trust for the quarter rose 42.7% YoY to $43m (A$45.4m).