Mapletree Logistics Trust

Hi, good morning. Welcome to MLT's results briefing for the fourth quarter and full year for the financial year ended March 2025. We have the full management strength here. To start off the meeting will be our CFO, Charmaine. Over to you, please.

Hi, good morning, everyone. Thank you for dialing in today. So for 4Q FY24-25 results, our results continue to be impacted by the lower contribution from China, higher borrowing costs as well as some FX impacts. Overall GPU is at 1.955 cents, 11.6% lower against 4Q last year, mainly due to the same reasons I've highlighted earlier. Operationally, our portfolio occupancy is stable, while rental reversion is slightly better compared to Q2 results. Bills are standing longer, 2.8 years. Capital management-wise, our aggregate leverage has creeped up to 40.7% against 40.3% last quarter, mainly due to the valuation loss, as well as some FX translations due to the weakening regional currencies against the SING dollar. We continue to hedge our debt. About 81% is in fixed rates with a debt maturity of 3.8 years, and 75% of our income has been hedged in the SING dollars for the next 12 months. During the quarter, we completed three Malaysian divestments. The proceeds have been used to power down loans. We also announced the divestments of another three projects, Two in Singapore and one in Malaysia. That will be completed in the new financial year. Let's see if I move on to the results itself. Gross revenue is 0.8% lower, mainly due to lower contribution from China, absence of revenue contribution from divested properties as well as currency weaknesses. This is mitigated by better performance in the rest of our market. MPI is lower by 1.6% accordingly. In terms of borrowing costs, we had higher average, out of the 4% increase, about 2.4 million, is actually due to incremental borrowings to fund the acquisitions we completed at the beginning of the financial year. The higher average interest, while we saw higher average interest costs with the replacement of our hedges that had died off, these were offset by loan repayments and proceeds from divestment. After taking into account DG of $7.7 million, $4.3 million lower than the $12 million we declared last year, DI is 10.3% lower, translating to a DPU that's 11.6% lower at $1.955. Excluding divestment gains top-up, the adjusted DPU would have been 8.5% lower or $1.803 versus the $1.971 last year. Moving on to full year results, the reasons behind the variances are very similar to the 4Q year-on-year. Gross revenue is $6.9 million or 0.9% lower compared to last year, full year, mainly due to lower contribution from China. Absence of revenue contribution from diverse properties.

Okay. Charmaine, please continue.