Mapletree Logistics Trust Posts 41% Profit Drop, Lifts Distribution

Mapletree Logistics Trust posted a 41% year-over-year drop in profit to S$54.609 million for the three months ended Sept. 30, while its distribution per unit edged higher. Gross revenue increased 1.4% to S$180 million from S$177.471 million a year earlier. Net property income reached S$154.785 million, up 1% from S$153.308 million.

The trust recorded a S$31.205 million net fair-value loss on financial derivatives, compared with a S$10.592 million gain in the year-earlier quarter. It also recognized a S$6.807 million loss from disposing of subsidiaries. The change in derivative values did not alter the total amount available for unitholder distributions.

Portfolio occupancy was 96.4% at Sept. 30. Rental reversion was 2.1% across the portfolio, with a 4.2% increase outside China and a 1.7% decline in China. The Singapore-listed trust invests in logistics properties across Asia-Pacific. It held 172 properties in Singapore, Hong Kong SAR, China, Japan, South Korea, Australia, Malaysia, Vietnam and India, with S$13.1 billion in assets under management.

“MLT delivered a resilient quarter, supported by healthy leasing demand and proactive asset management,” said Jean Kam, chief executive officer of Mapletree Logistics Trust Management Ltd. Potential pressures on performance include global uncertainty, higher energy prices, persistent inflation, borrowing costs and currency volatility. Leasing demand remained broadly stable.

The amount distributable to unitholders rose 0.9% to S$93.328 million from S$92.459 million. Available distribution per unit increased 0.1% to 1.816 Singapore cents from 1.815 cents. The trust scheduled payment for Dec. 17 to holders on record Nov. 5.