FLCT’s aggregate leverage rose but remained healthy at 36.1%, with a weighted average debt maturity of 2.3 years and interest coverage ratio of 4.5 times. With 69.7% of borrowings at fixed rates, FLCT’s cost of borrowings was 3.0% per annum on a trailing 12-month basis.
Frasers Logistics and Commercial Trust’s (FLCT) distributions per unit (DPU) in 1HFY2025 for the six months to March 31 declined by 13.8% y-o-y to 3 cents. Revenue and adjusted net property income (NPI) rose to $232.3 million and $161.3 million in 1H2025 respectively, up 7.5% y-o-y and 1.6% y-o-y.
Despite full contributions from Ellesmere Port, the acquisition of interests in four German logistics properties in March 2024, the Maastricht Property in the Netherlands and from the acquisition of 2 Tuas South Link 1 in November 2024, these increases in revenue were offset by higher vacancies in ATP and 357 Collins Street, higher non-recoverable land taxes in Australia and lower average exchange rates (of AUD and EUR against the SGD) in 1HFY2025 compared to HFY2024.
