Frasers Logistics And Commercial Trust Reports a 5.5% Rise In 2H 2020 Distribution Per Unit
November 6, 2020 – Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust (FLCT), announced FLCT’s results for the six-month period ended 30 September 2020and financial year ended 30 September 2020.
FLCT achieved a record revenue of S$213.3 million and Adjusted Net Property Income of S$161.4 million for 2HFY20. This represents an increase of 94.6% and 80.6% respectively, from S$109.6 million and S$89.4 million in the corresponding financial period.
The year-on-year increases were contributed by the Merger, the German properties acquisition, and other acquisitions during the period. This was, meanwhile, partially offset by the effects of the divestments in 2019, S$5.7 million in rental waivers granted and the provisions for doubtful debt for qualifying SME tenants due to theCovid-19 pandemic.
Accordingly, distributable income rose 81.7% to S$124.9 million for 2HFY20, from S$68.7 million a year ago.
The distribution per unit (DPU) for 2HFY20 was 3.65 Singapore cents, up 5.5% from 3.46 Singapore cents in 2HFY19. This represents a full payout of FLCT’s 2HFY20 distributable income.
Together with a DPU of 3.47 Singapore cents reported for 1HFY20, FLCT’s total distribution for the period from 1 October 2019 to 30 September 2020 amounted to 7.12 Singapore cents, an increase of 1.7% from 7.00 Singapore cents a year ago.
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