Frasers Centrepoint announces DPU of 3.036 cents, a new high for third quarter

Gross revenue for the quarter rose 14.3 per cent year-on-year to S$47.1 million and net property income rose 12.8 per cent to S$32.9 million.
Gross revenue for the quarter rose 14.3 per cent year-on-year to S$47.1 million and net property income rose 12.8 per cent to S$32.9 million.PHOTO: FRASERS CENTREPOINT

SINGAPORE - Frasers Centrepoint Trust has announced a distribution per unit of 3.036 cents for the third quarter ending June 30, a new-high for a quarter, the company said in a release on Wednesday, as shopper traffic increased at its malls.

Gross revenue for the quarter rose 14.3 per cent year-on-year to S$47.1 million and net property income rose 12.8 per cent to S$32.9 million.

Distributable income for the quarter was S$26.9 million, 15.0 per cent higher than the same period a year ago.

The company attributed revenue and net property income growth to the addition of Changi City Point to its portfolio since June 2014, and higher rental income from step-up rents of existing leases and higher rentals achieved for new and renewed leases.

The financial position of the firm remains strong, the release said.

"Our portfolio of suburban malls continues to deliver stable performance and underpinned another good quarter of results," said Dr Chew Tuan Chiong, the chief executive of FCT manager Frasers Centrepoint Asset Management Ltd.

"Given the tight labour market, the retail scene continues to remain challenging. Rental and occupancy at FCT's well located suburban malls is expected to remain stable. Barring unforeseen circumstances, we expect performance to remain sustainable," he said.