Frasers Logistics & Commercial Trust posts Q2 DPU of 1.9 Australian cents

FRASERS Logistics & Commercial Trust's (FLCT) distribution per unit (DPU) rose 4.4 per cent to 1.9 Australian cents for its second quarter ended March 31, from 1.82 Australian cents a year ago.

However, in Singapore-dollar terms, DPU fell by 1.7 per cent to 1.73 Singapore cents, from 1.76 Singapore cents previously, the manager announced on Thursday.

Unitholders of FLCT can choose to be paid in either currency.

Frasers Logistics & Industrial Trust (FLT) has been renamed FLCT, following the S$1.58 billion merger between Frasers' logistics and commercial real estate investment trusts. 

Revenue was up 12.8 per cent at A$67.3 million (S$62.2 million) for the quarter from A$59.7 million a year ago, while adjusted net property income (NPI) grew 14.2 per cent to A$54.7 million from A$47.9 million.

The increases were due to contributions from FLCT's acquisitions in Europe and Australia, but were partially offset by divestment activities in Australia.

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Distributable income rose 16.7 per cent year on year to A$43.1 million. 

FLCT's total distribution for the period from Oct 1, 2019 to April 14, 2020 amounted to 3.73 Singapore cents per unit. This comprises a distribution of 3.47 Singapore cents per unit for the period from Oct 1, 2019 to March 31, 2020, representing a full payout of its H1 FY20 distributable income, as well as 0.26 Singapore cent for the period from April 1 to April 14. 

The distribution will be paid out on June 26, following books closure on April 14. 

For the half-year, DPU was up 2.8 per cent at 3.73 Australian cents from a year ago, but down 2 per cent to 3.47 Singapore cents. Distributable income for the six-month period rose 14.8 per cent to A$84.5 million, while revenue increased 10.5 per cent to A$131.7 million. 

Half-year adjusted NPI was 11.1 per cent higher at A$107.6 million.

FLT units closed at S$1 on Wednesday, up 1.5 Singapore cents or 1.5 per cent.