Mapletree Logistics Q2 income surges 28% to $22.6m

Source : Business Times -21 Jul 2008

MAPLETREE Logistics Trust has reported a distributable income of $22.6 million for the second quarter ended June 30, 2008, up 28 per cent from the corresponding period last year.

Available distribution per unit (DPU) was 2.04 cents in Q208, also 28 per cent higher year-on-year, the trust said yesterday.

For H108, total amount distributable was $43.6 million, 32.3 per cent more than H107. DPU for the first six months came in at 3.94 cents, 28.3 per cent more than 3.07 cents previously.

Mapletree will pay the DPU of 2.04 cents on August 29.

The trust’s portfolio increased from 72 properties valued at $2.42 billion in Q108 to 76 properties worth $2.48 billion in Q208. Singapore accounted for 54 per cent of the second quarter’s net property income.

‘MapletreeLog’s geographically-diversified portfolio, comprising properties spread across six countries, continues to generate diversified and stable cashflows for our unitholders,’ said Chua Tiow Chye, chief executive officer of Mapletree Logistics Trust Management.

More results from real estate investment trusts (Reits) are expected as the second quarter reporting season gets underway. CapitaCommercial Trust and Ascott Residence Trust will be announcing their results on July 23 while K-Reit Asia is slated to report on July 28.

After the Reits, the property companies will be next with Keppel Land reporting its earnings on July 30 while CapitaLand’s results are slated for August 1.