Frasers Logistics & Commercial Trust H1 To March DPU Down 8.6%, Sees Uncertain Outlook

May 13 – Frasers Logistics & Commercial Trust (FLCT) reported revenue of S$208.0 million and adjusted Net Property Income of S$155.9 million for the first half to March 2023, representing decreases of 11.7% and 13.4% respectively, from S$235.7 million and S$180.1 million in the corresponding financial period, its manager said in a statement.

The year-on-year decreases were mainly due to the absence of contribution from Cross Street Exchange which was divested on March 31, 2022, and weaker exchange rates for the foreign currencies against the Singapore Dollar over the period. Distributable income was correspondingly lower at S$130.8 million, from S$142.1 million a year ago.

The distribution per unit was 3.52 Singapore cents, representing a decrease of 8.6% from 3.85 Singapore cents a year ago.

The overall economic and business outlook remains uncertain amid elevated levels of inflation, interest rate hikes, and turmoil in the financial sector, according to the statement. While current market dynamics have not impacted the FLCT portfolio, the REIT manager is closely monitoring emerging trends, it said.