SINGAPORE - Frasers Centrepoint Trust (FCT) announced on Wednesday (Oct 25) a 5.5 per cent year-on-year rise in distribution per unit (DPU) to 2.97 Singapore cents.
Full-year DPU rose 1.2 per cent to 11.90 cents, the highest since the FCT's listing in 2006.
Gross revenue for the three months to Sept 30, 2017, climbed 8.1 per cent year-on-year to S$48.2 million, while net property income for the fourth quarter was up 10 per cent to S$34.6 million.
The growth was driven mainly by higher rental income and improved occupancy at Northpoint City North Wing. Causeway Point and Changi City Point which registered year-on-year revenue growth of 2.5 per cent and 13.6 per cent respectively, also contributed to the performance.
Full year revenue slipped 1.2 per cent year-on-year to S$181.6 million due to the planned vacancies in conjunction with asset enhancement initiatives (AEI) works at Northpoint City North Wing. Net property income for the year at S$129.6 million was comparable to the year-ago period.
FCT's portfolio occupancy as at Sept 30 rose to 92 per cent from 87.1 per cent in the previous quarter.
Dr Chew Tuan Chiong, CEO of FCT's manager, said, "FY2017 was a challenging year, especially with the slower retail market environment and the AEI works at Northpoint City North Wing which required a lot of attention.
"We are excited to commence the new financial year 2018 on a strong footing, with a rejuvenated Northpoint City North Wing and sustained steady performance from the properties in our portfolio. Northpoint City North Wing's performance will continue to pick up progressively, as occupancy improves and rental income recovers.