Mapletree Logistics Trust (MLT) reported a net profit of S$47.0 million for the three months ended 31 December 2025, down 46.8 per cent year-on-year, as weaker foreign currencies and the absence of income from divested assets weighed on performance.
MLT’s gross revenue slipped 3.1 per cent YoY to S$176.8 million, while basic earnings per unit fell to 0.80 cent from 1.63 cents. The REIT declared a distribution per unit of 1.816 cents (comprising 0.613 cent taxable income, 0.459 cent tax-exempt income and 0.744 cent capital return), 9.3 per cent lower than a year earlier. The distribution will be paid on 18 March 2026 to unitholders on record as at 3 February 2026.
By geography, Singapore remained the largest contributor with net property income (NPI) of S$134.5 million for the nine months to December, followed by Hong Kong SAR at S$84.9 million and China at S$62.3 million. Across the portfolio, NPI for the latest quarter slipped 3.3 per cent YoY to S$152.0 million, partly offset by the first full-period contribution from the redeveloped Mapletree Joo Koon Logistics Hub.
Currency depreciation against the Singapore dollar—particularly the South Korean won, Japanese yen, Vietnamese dong and Hong Kong dollar—reduced translated revenue and NPI. The impact was only partially mitigated by forward-currency hedges. Borrowing costs eased 4.3 per cent YoY to S$38.2 million as lower Singapore-dollar base rates and debt repayments with divestment proceeds offset higher costs on replacement hedges and Japanese yen loans.
During the quarter the REIT completed the divestments of six non-core assets in Singapore, Malaysia, South Korea and Australia, and continues to recycle capital into higher-yielding opportunities. Aggregate leverage stood at 40.7 per cent, unchanged from March 2025, with an interest-cover ratio of 2.9 times.
Looking ahead, the manager expects steady demand for modern logistics space, supported by e-commerce growth and supply-chain diversification in Asia-Pacific. It will focus on maintaining a high occupancy rate (currently 96.4 per cent), containing costs and hedging currency and interest-rate exposures, while pursuing selective acquisitions, asset enhancements and further divestments to underpin long-term growth.