Mapletree Investments Back in the Black as Overall Revaluation Losses Narrow

Temasek Unit Posts $227m Profit as Managed Assets Hit Record $80.3b

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Temasek's Mapletree Investments reversed a loss from the previous year to turn a profit of $227.2 million for the full year ended March 31, on the back of narrowed overall revaluation losses.

This was while its assets under management (AUM) hit a record $80.3 billion, 3.6 per cent higher than the $77.5 billion reported in the same period the year before, the company said in a statement on June 3.

Revenue for the period was $2.2 billion, lower than the year before due to the deconsolidation of Mapletree Logistics Trust (MLT), one of three Singapore-listed real estate investment trusts managed by the group.

Excluding the impact of the deconsolidation, the group's revenue was 1.2 per cent higher than in the previous financial year.

Recurring profit after tax and minority interests was $637.4 million for the full year.

Separately, the company recorded total net proceeds of $897 million from divestment of non-core assets, other divestments to MLT and the syndication of Mapletree Japan Investment Country Private Trust.

The group's projects under development increased to $5.5 billion, from $3.7 billion previously.

Mr Hiew Yoon Khong, the group's chief executive officer, said the company had deepened its focus on its core sectors for this financial year. These include logistics, student housing, office and data centres.