FLCT's NPI rose 77% to $78m in Q3

Its portfolio saw little impact from pandemic measures.

Frasers Logistics & Commercial Trust's adjusted net property income (NPI) surged 77% YoY to $78m in Q3 FY2020, from $44.1m in Q3 FY2020 the company revealed in a business update. Revenue soared 91.9% to $103.7m over the same period.

The company noted that its portfolio has not been materially impacted by the pandemic. “However, the situation remains dynamic with ongoing uncertainty as to the impact it may have on the countries FLCT has a presence in,” it added.

In Singapore, the brunt of the impact from the circuit breaker measures went mainly to its retail components in the short to mid term, as it fully passed on any property tax rebate and rental reliefs to eligible tenants

Meanwhile, its Australia and Europe & UK portfolios saw limited impact from the rental waivers for SMEs and prohibition on landlords from forfeiting leases, respectively. It noted that eligible SMEs represented only a small proportion of its Australian portfolio.

The company’s distributable income hit $61.1m in Q3 FY2020, which is 83.5% higher than the Q3 FY2019 figures.