Frasers Logistics &Commercial Trust (FLCT) reported a distribution per unit (DPU) of 3.8 cents for the 1HFY2021 ended March, 9.5% higher y-o-y from 3.47 cents previously.

The higher DPU follows FLCT's record revenue of $231.7 million for the period (up 95.1% y-o-y), while adjusted net property income (NPI) grew 79.3% y-o-y to $173.9 million. The higher revenue and NPI are mainly attributable to the merger between Frasers Logistics Trust and Frasers Commercial Trust, acquisitions, as well as the strengthening AUD:SGD and EUR:SGD currencies.

These were partly offset by the divestments made in 1HFY21 and rental waivers and allowance for doubtful receivables of $1.2 million attributable to the Covid-19 pandemic

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