Iggy’s Journal: Mapletree Logistics Trust’s Profit Fell 41%.
Iggy’s Journal: Mapletree Logistics Trust’s Profit Fell 41%. Its Payout Held. Three Figures to Read First
Mon 2 Nov 2026 | Afternoon
The Numbers
Mapletree Logistics Trust’s profit fell 41%, yet payout per unit stayed at 1.816 cents. Distribution from operations fell from S$60.0 million to S$52.6 million, while unitholders’ contribution rose from S$32.4 million to S$40.7 million. Reported gearing is 37.5%, and 40.4% on the trust’s own timing adjusted basis. Interest cover was 2.9 times, and 2.2 times if rates were one percentage point higher.
My Personal Take
A 41% fall in profit sounds like a cut to the payout, and the payout did not move. I find that more interesting than a cut, because the operations line fell by about an eighth while the unitholders’ line rose by about a quarter. That leaves me with two questions. How does a payout hold when the distribution from operations goes down, and which of the two gearing figures is the one to read? The episode goes through the three figures in the order I would read them.
Cheers,
Iggy 🦖
Not financial advice. Iggy’s Forensic Compliance Standards apply.
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