Frasers Centrepoint Trust’s Q3 DPU up 33.3%

Frasers Centrepoint Trust (FCT) has posted a 33.3 per cent on-year increase in its third quarter distribution per unit (DPU).

The DPU of 2.60 Singapore cents for the April to June period is the highest the trust has ever paid out, up from 1.95 cents distributed in the same period a year ago.

Net property income in the period grew 32.1 per cent on-year to S$24.6 million, up from S$18.7 million.

Meanwhile, the trust’s gross revenue climbed by 30.2 per cent to S$35.5 million, driven higher by the increase in revenue from Causeway Point.

Revenue from its biggest asset rose to S$15.5 million, up 45.4 per cent compared to the same period last year, during which the mall was undergoing extensive refurbishment.

Net property income for Causeway Point jumped 60.9 per cent to S$10.9 million.

However, net property income from Northpoint, its second-largest asset, fell 2.7 per cent to S$8.3 million due to higher repair and maintenance costs as well as increased electricity tariff rate.

The REIT’s distributable income has also risen, climbing nearly 37.1 per cent on-year to S$20.2 million.

FCT has maintained a positive outlook on its growth momentum, and said in a statement that it will continue to actively pursue growth opportunities.

Source : Channel NewsAsia – 19 Jul 2012

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