SG Morning Highlights | Mandarin Oriental Reduces H1 Losses to US$52 Million, Sees Global Revenue Growth

Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG)$ lost 0.45 percent to 3445.31 as at 9:15 am.

$Mapletree Log Tr(M44U.SG)$: Mapletree Logistics Trust (MLT) has seen its Distribution Per Unit (DPU) decrease by 8.9% year-on-year in Q1 FY2025, reaching S$0.02068, mainly due to higher borrowing costs. Revenue slightly dipped to S$181.7 million from S$182.2 million, affected by underperformance in China, divestments, and currency depreciation against the Singapore dollar. Net property income also fell marginally by 0.9% to S$156.7 million. The total distributions to unitholders declined 7.4% to S$103.7 million. MLT is taking steps to hedge its income and debt to buffer against regional currency volatility.

$FRASERS CENTREPOINT TRUST(J69U.SG)$: Frasers Centrepoint Trust (FCT) has achieved a commendable 99.7% occupancy rate across its retail portfolio in Q3, marking a year-on-year increase. This uptick is attributed to proactive asset and property management, alongside government support packages that have boosted consumer spending. Particularly, Tampines 1 mall is set to complete its enhancement works by September, with a fully committed occupancy and an expected return on investment surpassing the initial 8% target. Shopper traffic within FCT's portfolio has risen by 4.1%, and tenant sales have seen a 0.7% increase, with sales surpassing pre-pandemic levels by 20%. The trust also highlights its strategic community engagement and diverse lease maturity profile as key strengths. Despite a slight dip, the average debt maturity remains healthy at 2.78 years as of June 30.

$Man Oriental USD(M04.SG)$: Mandarin Oriental International Limited reported a narrower net loss of US$52 million in the first half of 2024, down from US$69.2 million in the same period last year. The improvement is attributed to a 5% global increase in revenue per available room, with positive trends across all regions. The group's total revenue from managed hotels also rose by 11.1% to US$979.5 million, bolstered by the reopening of its Singapore location and four new hotel launches. Despite the revenue uptick, consolidated revenue fell slightly due to the sale of properties in Jakarta and Paris. Loss per share improved to 4.11 US cents, compared to 5.48 US cents in the prior year.