Causeway Point boosts Q2 revenue for Frasers Centrepoint Trust

Interior of Causeway Point in Woodlands. Higher revenue from the Causeway Point shopping mall in Woodlands lifted second-quarter earnings at Frasers Centrepoint Trust on Tuesday, April 22, 2014. -- FILE PHOTO: FRASERS
Interior of Causeway Point in Woodlands. Higher revenue from the Causeway Point shopping mall in Woodlands lifted second-quarter earnings at Frasers Centrepoint Trust on Tuesday, April 22, 2014. -- FILE PHOTO: FRASERS

Higher revenue from the Causeway Point shopping mall in Woodlands lifted second-quarter earnings at Frasers Centrepoint Trust on Tuesday.

The trust posted a distribution per unit (DPU) of 2.88 cents for the three months to March 31, up 6.7 per cent from the preceding year.

Income available for distribution for the quarter rose 7 per cent from the year before to $23.8 million.

Net property income was up 2 per cent at $29.3 million and revenue increased 2.9 per cent to $41 million from the corresponding period last year.

The trust manager said in a statement that the growth in revenue was mainly due to higher revenue contribution from Causeway Point during the quarter.

It holds four other malls - Anchorpoint, Bedok Point, Northpoint and YewTee Point - and recently proposed to buy Changi City Point for $305 million.

The trust's portfolio occupancy rate as at March 31 was 96.8 per cent, around the same as the 96.7 per cent recorded at the end of last year.

The trust manager said that mall occupancy rates at Causeway Point, Northpoint and YewTee Point remained stable while Bedok Point's occupancy was lower at 77 per cent because it was undergoing fitting-out works for several incoming tenants.

Bedok Point's occupancy is expected to recover to above 95 per cent in the second half of this year once the new tenants begin their leases, the trust manager said.

Its units rose a cent to close at $1.81 on Tuesday.