Mapletree Industrial Trust posts 6.6% drop in Q2 DPU to S$0.0297
Net property income falls 3.5% to S$119.8 million
Mapletree Industrial Trust reported a 6.6% decrease in distribution per unit (DPU) for its second quarter, ending September 30, at S$0.0297. This was down from S$0.0318 in the same quarter last year. The company's gross revenue also dropped by 1.9% to S$167 million, compared to S$170.2 million in the previous year. Net property income fell by 3.5% to S$119.8 million, from S$124 million.
The trust attributed the decline in revenue and income to lower contributions from its North American portfolio, the lack of income from the divestment of three industrial properties in Singapore, and the yen's depreciation against the Singapore dollar. A partial recovery came from higher revenue through new leases and renewals in the Singapore portfolio.
Property expenses increased by 2.4% to S$47.3 million, and available distribution for unitholders was S$84.8 million, compared to S$90.7 million the previous year.
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- Mapletree Industrial Trust posts 6.6% drop in Q2 DPU to S$0.0297 businesstimes.com.sg
