Mapletree Logistics Trust's DPU down 8.9% YoY in Q1

Net property income also decreased by $1.5m or 0.9%YoY during the same period. 

Mapletree Logistics Trust posted an 8.9% decrease in its distribution per unit (DPU) for the first quarter of FY24/25, falling to 2.068 cents from 2.271 cents in the same period last year.

The group’s property expenses rose by $1m or 3.9% primarily due to a full quarter’s contribution from acquisitions completed in FY23/24 and increased utility costs. The increase was partially offset by the depreciation of foreign currencies, particularly the Japanese Yen and Chinese Yuan, against the Singapore Dollar.

It also reported a decrease in net property income for the same period, down by $1.5m or 0.9% YoY.

Additionally, borrowing costs also saw a rise, increasing by $3.3m or 9.4%. This increase was mainly due to higher average interest rates on existing debts and additional borrowings to fund acquisitions in FY23/24 and FY24/25, although it was partly offset by loan repayments funded through divestment proceeds.