Frasers Commercial Trust has posted a 55 per cent increase in its fourth-quarter distribution per unit to 0.31 cents.
This is in line with its higher distributable income which rose 78 per cent to S$14.2 million.
For the three months ended September 30, Frasers saw net property income rise by 16 per cent to S$23.2 million.
Revenue increased 14 per cent to S$29 million.
This was partly due to better performances from its KeyPoint and Australia properties, and the strengthening of the Australian dollar.
For the full financial year, net property income rose 25 per cent to S$93 million.
Gross revenue grew by 21 per cent to S$117.9 million.
Distributable income to unitholders rose 31 per cent from a year ago to S$34.5 million.
Distribution per unit for the full financial year was 1.12 cents, up by 29 per cent from a year earlier.
Frasers said that its portfolio is well anchored by the two master leases in Singapore and long leases in its Australia properties.
This is expected to provide stability to the portfolio income stream for the next financial year.
Growth in portfolio rental income can also be expected through increase in occupancy rates and rents.
Source : Channel NewsAsia – 22 Oct 2010