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Cache Logistics Trust Q1 DPU falls to 1.507 Singapore cents on larger unit base

CACHE Logistics Trust, which owns logistics warehouse properties in Singapore, China and Australia reported that first-quarter distribution per unit slipped to 1.507 Singapore cents from 1.723 Singapore cents a year ago.

The fall came as Q1 income available for distribution dipped 0.6 per cent to S$16.1 million from the preceding year due to a larger unit base following a rights issue in September 2017.

For the three months ended March 31, gross revenue increased 7.3 per cent from S$27.1 million to S$29 million from the year-ago period.

"The increase in gross revenue was mainly attributable to new income contribution from the nine-property Australian portfolio acquired in February 2018, higher revenue from 51 Alps Ave and its rental top-up, as well as higher revenue from several Singapore properties," the trust's manager said in a filing with the Singapore Exchange on Wednesday evening.

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This was partly offset by lower contribution from Cache Changi Districentre 2, 40 Alps Ave and Pandan Logistics Hub, it added.

Net property income grew 10 per cent from S$20.8 million in the year ago period to S$22.9 million.

Cache units finished S$0.005 or 0.6 per cent down at S$0.83 on Wednesday.