OUE

The son of Indonesian tycoon Stephen Riady became chief executive of OUE's hospitality division yesterday, according to a bourse filing from the company.

Mr Brian Riady, a 28-year-old Singapore resident, will be responsible for "managing all aspects of the business of the hospitality division" at OUE, where his father is executive chairman and a substantial shareholder.

The board said the appointment, which was "approved in accordance with the company's limits of authority put in place by the board", took into account Mr Brian Riady's qualifications and experience.

The former Credit Suisse analyst was most recently the CEO of lifestyle and entertainment at his family's Lippo Group. He has no prior experience as director of a listed company.

Frasers Centrepoint Trust

Frasers Centrepoint Trust (FCT) posted a 3.6 per cent dip in distribution per unit (DPU) to 2.862 cents for its fourth fiscal quarter, compared with 2.97 cents a year ago.

For the 2018 financial year, FCT posted a 1 per cent rise in DPU to 12.015 cents.

For the quarter, net property income fell 4.9 per cent to $32.88 million, while gross revenue eased 0.5 per cent to $48.51 million.

Property expenses totalled $15.6 million, rising $2 million, or 14.4 per cent, compared with the previous corresponding period. FCT said this was mainly due to higher property tax for Northpoint City North Wing, higher utilities tariff rates, higher professional fees and more ad-hoc repair and replacement works.

Suntec Reit

Suntec Reit has posted a third-quarter distribution per unit of 2.491 cents, up 0.3 per cent from the same period last year.

Gross revenue in the three months ended Sept 30 dipped 2.5 per cent to $88.8 million. One reason is lower contribution from the Suntec City office due to downtime from replacement leases that will fully commence operations by the end of this year.

Net property income fell 11.4 per cent to $56.5 million due to higher maintenance charges from the sinking fund contribution of $4.8 million for Suntec City office upgrading works. The weaker Australian dollar also resulted in a $2.1 million decline in income from the Australian properties.

On the bright side, third-quarter income from joint ventures comprising One Raffles Quay, Marina Bay Financial Centre Properties and Southgate Complex rose 4.1 per cent to $23.2 million.