Mapletree Investment reported net profits of S$1.85bn ($1.4bn) for FY20-21 ended-March, up 4% YoY. This included a one-off accounting gain from the deconsolidation of Mapletree Industrial Trust (MIT). Mapletree said that excluding the one-off gain, they achieved a net profit of S$1.02bn ($770mn), a 43% drop YoY with revenues down 29% YoY to S$2.74bn ($2.1bn). Cash reserves stood at $2.02bn ($1.5bn) with its net gearing ratio down 200bp to 60.5%. The CEO said that the company deployed a significant amount of capital amounting to S$2.3bn ($1.7bn) into the logistics and data centre sectors which outperformed other asset classes during the pandemic. Mapletree also expanded its office portfolio with acquisitions in North America, South Korea and the Netherlands worth S$1.8bn ($1.4bn).
Mapletree’s SGD 3.95% Perps were up 0.2 to 102.1, yielding 2.46%.
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