Frasers Commercial Trust reports DPU of 0.25 cent

Frasers Commercial Trust (FCOT) has announced a distribution per unit (DPU) of 0.25 Singapore cent for its first quarter ended December 31.

This is a 4.2 per cent increase compared to the year-ago DPU, said FCOT.

Total distributable income grew 4.1 per cent S$12.6 million as net property income dropped 2.4 per cent to S$22.9 million and gross revenue fell 2.3 per cent to about S$29 million.

FCOT said the lower revenue was due to lower contribution from Cosmo Plaza, as a result of the expiry of a significant tenancy in August last year.

Cosmo Plaza is a mixed retail and commercial property in Osaka, Japan, which was also divested this month.

Going forward, FCOT expects to ride on stable lease income, an improving occupancy rate, and better gearing from the divestment of Cosmo Plaza.

Source : Channel NewsAsia – 26 Jan 2011

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