Frasers Commercial’s DPU & distributable income fall on-year

Frasers Commercial Trust (FCOT) announced on Friday a third quarter distribution per unit of 0.2 cent.

That is 26 per cent lower than the 0.27 cent DPU for the same period last year, after making adjustments for a rights issue.

Distributable income for the period ended in September fell by 24 per cent on-year to S$6.14 million, though it was up by 10.4 per cent when compared to the previous quarter.

Net property income suffered a less drastic drop, declining 0.6 per cent on-year to S$19.9 million. Compared to the previous quarter, FCOT said its net property income increased by over 13 per cent.

The improvement was driven by the initial five weeks of ownership of Alexandra Technopark, a stronger Australian dollar and better occupancy levels.

FCOT said the last stage of its recapitalisation and refinancing will be completed in the next quarter.

Earlier this year, it announced a rights issue to raise S$214 million.

Source : Channel NewsAsia – 23 Oct 2009

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