Mapletree Logistics Trust posts 12.4% fall in Q1 DPU to S$0.01812

[SINGAPORE] Mapletree Logistics Trust’s (MLT) distribution per unit fell 12.4 per cent to S$0.01812 for the first quarter ended June, from S$0.02068 in the previous corresponding period.

Its manager on Wednesday (Jul 23) attributed the decline in DPU to the absence of one-off divestment gains, which contributed to S$5.7 million in Q1 FY2025, as well as weaker regional currencies.

The distribution will paid out on Sep 10, after the record date on Jul 31.

Gross revenue was down 2.4 per cent at S$177.4 million for the recorded period, from S$181.7 million in the same period a year ago. Net property income fell 2.1 per cent on the year to S$153.4 million for the quarter, from S$156.7 million previously.

The decline was mainly due to the depreciation of various regional currencies against the Singapore dollar and the loss of contribution from 12 divested properties.

The amount distributable to unitholders in the latest quarter declined 11.3 per cent to S$92 million from S$103.7 million.

However, excluding the one-off divestment gains, the distributable income would have fallen 6.2 per cent on the year from S$98 million. The DPU would have decreased 7.3 per cent from S$0.01954.

Jean Kam, chief executive officer of the manager, said: “Looking ahead, we are mindful that the ongoing trade tensions may reduce economic activities and demand for logistics space as the impact of tariffs start to be felt.”

She added: “We will remain vigilant and focused on maintaining portfolio stability, managing our costs and capital prudently, while leveraging our network effect to capture opportunities and continuing to build up resilience in the portfolio.”

Units of MLT ended Wednesday 0.8 per cent or S$0.01 higher at S$1.21, before the results were released.