Frasers Logistics & Commercial Trust DPU down 2.8% in H2 FY22

It posted 3.77 cents of distribution per unit.

Amidst weaker exchange rates, Frasers Logistics & Commercial Trust (FLCT) distribution per unit (DPU) went down 2.8% in the second half of fiscal year 2022 to 3.77 cents from 3.88 cents recorded in the same period last year.

FLCT also posted a decreased revenue of $214.5m which decreased 9.7% and an adjusted net property income of $162.1m which declined 10.6%.

The firm said these year-on-year decreases were driven by the “sale of Cross Street Exchange on 31 March 2022 and weaker exchange rates over the period,” which were partially mitigated by the contributions from the acquisitions made in FY2021 and FY2022.

Distributable income for 2HFY22 was at $139.6 million, “largely unchanged from a year ago.”

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