Latest news with #FLCT
Independent Singapore
08-05-2025
- Business
- Independent Singapore
FLCT posts 13.8% YoY drop in 1HFY2025 DPU to 3 cents
Photo: FLCT SINGAPORE: Frasers Logistics & Commercial Trust (FLCT) reported a 13.8% year-on-year (YoY) decrease in distribution per unit (DPU) to 3 cents, as announced by the manager of FLCT in a press release on Tuesday (May 7). FLCT's revenue increased by 7.5% YoY to S$232.3 million, while adjusted net property income (NPI) grew by 1.6% to $161.3 million. The increases were mainly from full contributions from Ellesmere Port, completed in December 2023, and the acquisition of interests in four German logistics properties in March 2024. Contributions from the Maastricht Property in the Netherlands, which achieved practical completion in October 2024, and the acquisition of 2 Tuas South Link 1 in November 2024 also helped. However, these were partially offset by higher vacancies at Alexandra Technopark and 357 Collins Street, as well as higher non-recoverable land taxes in Australia. The weaker Australian dollar (AUD) and euro (EUR) against the Singapore dollar (SGD) also contributed. Finance costs also went up due to rising interest rates and additional borrowings used to fund developments and acquisitions. After higher finance costs, higher tax expenses and 56.9% of management fees paid in cash in the first half of FY2025 (1HFY25), distributable income fell to S$113.0 million, down from S$130.7 million in the same period last year. /TISG Read also: FLCT to acquire prime logistics property in Singapore for S$140.3M
Business Times
07-05-2025
- Business
- Business Times
Singapore stocks track regional gains on Wednesday; STI up 0.1%
[SINGAPORE] Local stocks ended higher on Wednesday (May 7), tracking gains in the region. The benchmark Straits Times Index (STI) gained 0.1 per cent or 4.96 points to 3,865.37. Across the broader market, gainers outnumbered losers 302 to 194, after 1.3 billion securities worth S$1.7 billion changed hands. Elsewhere in the region, Hong Kong's Hang Seng Index rose 0.1 per cent and the Shanghai Stock Exchange Composite Index was up 0.8 per cent. South Korea's Kospi also gained 0.6 per cent, and Malaysia's KLCI was up 0.9 per cent. Meanwhile, Japan's Nikkei 225 fell 0.1 per cent. The People's Bank of China (PBOC) announced its first interest rate cut since September to support economic activity and investor sentiment, noted Mansoor Mohi-uddin, chief economist at Bank of Singapore. Mohi-uddin said Wednesday's moves were modest ahead of Beijing's trade talks with Washington. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'We think the Trump administration's 145 per cent tariffs on China's goods will lead to an unsustainable US supply shock. A trade deal is thus likely in the next few months, enabling China's markets to rebound,' he said. On the STI, the top gainer was Yangzijiang Shipbuilding, which rose 5.8 per cent or S$0.12 to S$2.18. Frasers Logistics & Commercial Trust (FLCT) was the top decliner, falling 4.4 per cent or S$0.04 to S$0.865. FLCT on Wednesday posted a 13.8 per cent fall in distribution per unit to S$0.03 for its first half ended March 31, as it faced transitional challenges in the commercial portfolio and foreign exchange volatility. The local banking trio ended mixed. OCBC gained 0.2 per cent or S$0.03 to S$16.27, while DBS fell 0.5 per cent or S$0.23 to S$42.76. UOB was down 1.4 per cent or S$0.49 at S$34.49. During the day, UOB lost as much as 2.8 per cent after posting flat Q1 results that missed analyst expectations. The bank also halted its 2025 earnings guidance, citing macroeconomic uncertainties.
