Frasers Commercial Trust posts 19% rise in quarterly distribution per unit to 2.08 cents

Frasers Commercial Trust has recorded an 18.9 per cent jump in fourth quarter distribution per unit to 2.08 cents.

This takes its full year payout to 7.83 cents, up 17 per cent.

Quarterly and full year distribution rose by 21 per cent and 19 per cent to $13.7 million and $51.4 million respectively.

This was a record performance, despite the divestments of KeyPoint and several Japanese properties, said trust manager Frasers Centrepoint Asset Management (Commercial).

Mr Low Chee Wah, chief executive officer of the trust manager, attributed the good performance to "initiatives undertaken over the past year of reshaping and unlocking values from the portfolio".

"The higher income from the additional 50% interest in Caroline Chisholm Centre and higher rental rates achieved for the properties coupled with the lower interest costs have contributed to the better results," he noted.

Quarterly and full year net property income, however, fell by 17.4 per cent and 11.3 per cent to $21.9 million and $90.9 million respectively.

This was mainly due to the divestments of KeyPoint and the Japanese properties as well as a weaker Australian dollar.

Payment of the fourth quarter distribution will be made on Nov 29.