FLT posts 2.8% drop in Q2 DPU, partly due to weaker AUD

THE manager of Frasers Logistics & Industrial Trust (FLT) on Friday posted a 2.8 per cent drop in distribution per unit (DPU) to 1.76 Singapore cents for its second quarter ended March 31.

In Australian dollar terms, it would have been a 7.1 per cent increase to 1.82 Australian (AUD) cents, due mainly to the softening of AUD and euro against the Singapore dollar. The unit base has also expanded significantly from a year ago.

Adjusted net property income rose 43.3 per cent to A$47.9 million, while revenue rose 36.9 per cent to A$59.7 million, contributed by its acquisitions in Australia and Europe in FY2018 and FY2019.

FLT has declared a distribution of 3.54 Singapore cents per unit for the six-month period until end-March 2019, to be paid on June 26.

The books closure date is May 7.