FLCT revenue climbs to $216m in first half

Increases in its financials were attributed to positive rent adjustments.

Frasers Logistics & Commercial Trust (FLCT) recorded $216.0m in revenue, this was 3.9% higher on a year-on-year (YoY) basis compared to 1HFY23's $208.0m

Its adjusted net property income for the period reached $158.7m, inching up 1.8% YoY.

“In Singapore, overall demand for business parks remained cautious as consolidations outweighed new setups and expansions, as firms continued to prioritise cost-savings and workplace optimisation strategies24,” it said in a local bourse filing.

These increases were driven by positive rent adjustments, and contributions from new properties like Ellesmere Port, Connexion II, and Worcester, though offset by higher vacancies and increased operating expenses.

Distributable income for 1HFY24 decreased slightly to $130.7m from $130.8m in 1HFY23.

The distribution per unit (DPU) for 1HFY24 was 3.48 Singapore cents, down 1.1% from 1HFY23's 3.52 Singapore cents, with an annualised distribution yield of 6.9%.

The 1HFY24 DPU will be paid on 18 June 2024.

“Following a record new supply of over 4 million sq ft of business park and light industrial space since end-2022, vacancies within the sector remained elevated at 21%. While overall rents remained stable, the market was increasingly bifurcated as buildings experiencing higher vacancies began to witness softening rentals in efforts to retain and attract new tenants.” it said.

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