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Mapletree Logistics Trust's Q1 DPU dips 2.6%

MAPLETREE Logistics Trust on Monday reported a 2.6 per cent year-on-year dip in distribution per unit (DPU) to 1.85 Singapore cents for the first quarter.

Gross revenue for the three months ended June 30, 2015, rose 5 per cent over the year to S$85.1 million, while net property income gained 3.1 per cent to S$71.1 million.

These were mainly due to contributions from acquisitions and stronger performance from existing properties, especially those in Hong Kong. This, however, was partially offset by lower contributions from properties in Singapore which were recently converted to multi-tenant models from single-user assets.

The larger portfolio and higher costs due to the conversion to multi-tenant buildings resulted in an increase of S$1.9 million in property expenses.

The Reit added 0.5 cent to close at S$1.155 on Monday, before the release of its results.