MIT's DPU down 7.5% at 2.85 S cents for Q4; S$6.6m withheld because of virus uncertainty

Published Mon, Apr 27, 2020 · 09:50 PM

Singapore

MAPLETREE Industrial Trust's (MIT) distribution per unit (DPU) stood at 2.85 Singapore cents for the fourth quarter ended March 31, down 7.5 per cent from 3.08 cents a year ago.

Distributable income rose 15.4 per cent to S$69.15 million, while gross revenue rose 3 per cent to S$101.8 million. Net property income increased 3.2 per cent to S$78.26 million for the fourth quarter.

This comes as the group decided that in view of the uncertainty from the Covid-19 pandemic, tax-exempt income (distributions relating to joint ventures) amounting to S$6.6 million, equivalent to distribution per unit of 0.30 cent, would be withheld in the fourth quarter for MIT and its wholly-owned subsidiaries to have greater flexibility in cash management. Ha…