Frasers Centrepoint Trust’s DPU up 9.1%

Frasers Centrepoint Trust’s (FCT) first quarter distribution per unit (DPU) increased 9.1 per cent on-year to 2.4 cents from 2.2 cents.

That was FCT’s highest ever first quarter DPU.

Gross revenue went up 5.8 per cent on-year in the three months ended Dec.31 to $37.9 million, while income available for distribution rose 10.8 per cent on-year to hit $21.8 million.

The strong quarterly earnings came on the back of a 9.1 per cent jump in net property income. Higher revenue contributions from Causeway Point and Northpoint in the quarter were the key drivers, while all of FCT’s other malls achieved positive growth during the quarter.

Meanwhile, the average portfolio occupancy rate stood at 97.2 per cent, down marginally on-year but up 3.6 percentage points quarter-on-quarter.

“The key focus moving forward is to continue riding on our momentum achieved through asset enhancement and organic growth. Our balance sheet remains strong and we are well-positioned to take advantage of good asset acquisition opportunities when they present themselves,” said Chew Tuan Chiong, CEO of trust manager Frasers Centrepoint Asset Management.

Source : Today – 22 Jan 2013

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