Frasers Logistics Trust’s fiscal 2Q net property income rose 37 percent

Australian notes and coins

Frasers Logistics & Industrial Trust reported Friday its net property income for the fiscal second quarter rose 37.1 percent on-year to A$48.97 million (S$46.89 million) on acquisitions in Europe and Australia.

Revenue for the quarter ended 31 March rose 36.9 percent on-year to A$59.67 million, the trust said in a filing to SGX. Its distribution per unit (DPU) was 1.82 Australian cents, up 7.1 percent from 1.70 Australian cents in the year-ago quarter.

In Singapore dollar terms, the DPU was 1.76 Singapore cents, down 2.8 percent from 1.81 Singapore cents in the year-earlier period, mainly as the Australian dollar and the euro weakened against the Singapore dollar, the filing said.

“The prime logistics sector across our key markets of Germany, Netherlands as well as the eastern seaboard of Australia remain well-supported by investments in infrastructure and an expanding e-commerce market,” Robert Wallace, CEO of the REIT manager, said in the statement. “We will also continue to keep a watchful eye on developments in the macro environment which may invariably impact our business.”

Frasers Logistics Trust has 60 properties in Australia and 22 in Europe, as of end-March.

 

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