Cache Logistics Trust's Q4 DPU down 10.8% to 1.85 cents

CACHE Logistics Trust's fourth quarter distribution per unit (DPU) slid 10.8 per cent year on year to 1.85 Singapore cents, due to a lower capital distribution and an enlarged unit base compared to the year-ago period.

In Q4 FY2015, sales proceeds from the disposal of Kim Heng warehouse lifted capital distribution.

Also, out of the DPU of 2.047 cents in Q4 2015 was an advance distribution of 0.90 cent and based on nearly 785.6 million units that was paid on Dec 29, 2015.

The number of units in Q4 2016 entitled to distribution is almost 900.5 million.

Excluding the effect of capital distributions, the Q4 FY2016 DPU would have fallen by 3.9 per cent year on year.

Correspondingly, distributable income was 5.2 per cent lower at S$16.7 million.

That said, net property income grew 11.3 per cent to S$21.3 million, while revenue climbed 13.5 per cent to S$27.3 million. The growth came on the back of incremental revenue from the group's Australian acquisitions and DHL Supply Chain Advanced Regional Centre, which was offset by the lower income from 51 Alps Ave, Singapore.

For the full year, DPU was down 9.1 per cent to 7.725 cents, while distributable income edged up 2 per cent to S$69.3 million.