SINGAPORE - 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 to the 2.97 Singapore cents a year ago.
For the 2018 financial year overall, FCT posted a 1 per cent rise in DPU to 12.015 cents.
For the quarter, net property income (NPI) fell 4.9 per cent to $32.88 million, while gross revenue eased 0.5 per cent to $48.51 million.
For the quarter under review, higher property expenses had risen at the expense of NPI. Property expenses totalled $15.6 million, rising $2 million or 14.4 per cent compared to the previous corresponding period.
FCT said the increase 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 carried out in the current quarter.
Non-property expenses also rose $0.4 million to $9.5 million mainly due to higher borrowing costs from increased loans and higher interest rates, partially offset by lower trust expenses.
In its earnings statement, FCT said it expects the performance of its suburban malls to remain stable.
"Northpoint City North Wing, having stabilised following the completion of its asset enhancement exercise, has helped raised earnings," FCT said.
FCT's property portfolio comprises of Causeway Point, Northpoint City North Wing and Yishun 10 Retail Podium, Anchorpoint, YewTee Point, Bedok Point and Changi City Point