Mapletree Logistics Trust’s net property income up 10.8% to $160m in Q2

DPU grew 3.5% to 2.248 cents.

Mapletree Logistics Trust saw its net property income rise 10.8% to S$160m in the quarter ending 30 September, according to its latest SGX filing.

Amount distributable to unitholders is at S$108m, 15.6% higher than in the Q2 period last year, whilst distribution per unit or DPU grew 3.5% to 2.248 cents.

Growth was thanks to higher revenue from existing properties and contributions from accretive acquisitions completed in Q1 of the current fiscal year. However, this was moderated by the depreciation of foreign currencies, notably the Japanese yen and Korean won against the Singapore dollar, MLT said.

“At the distribution level, the impact of weakening currencies is mitigated through the use of foreign currency forward contracts to hedge the income from overseas assets,” the company said in its fiscal report.

Gross revenue for the quarter was S$183.9m, 11.4% higher than last year. 

For the first six months of FY22/23 ending 30 September, amount distributable to unitholders has grown 16.4% to S$216.6m whilst DPU gained 4.2% to 4.516 cents.