MIT's DPU down 7.5% at 2.85 S cents for Q4; S$6.6m withheld because of virus uncertainty
Singapore
MAPLETREE Industrial Trust's (MIT) distribution per unit (DPU) stood at 2.85 Singapore cents for the fourth quarter ended March 31, down 7.5 per cent from 3.08 cents a year ago.
Distributable income rose 15.4 per cent to S$69.15 million, while gross revenue rose 3 per cent to S$101.8 million. Net property income increased 3.2 per cent to S$78.26 million for the fourth quarter.
This comes as the group decided that in view of the uncertainty from the Covid-19 pandemic, tax-exempt income (distributions relating to joint ventures) amounting to S$6.6 million, equivalent to distribution per unit of 0.30 cent, would be withheld in the fourth quarter for MIT and its wholly-owned subsidiaries to have greater flexibility in cash management. Ha…
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