Higher revenue and property income did the trick for Frasers Centrepoint Trust (FCT) in the second quarter, it reported yesterday.
Distribution per unit (DPU) was 3.1 cents for the three months to March 31, up 2 per cent from a year earlier. DPU for the half-year was 6.1 cents, a 2.9 per cent increase on the 5.93 cents paid out last year.
Distribution to unit holders rose 2.5 per cent to $28.7 million for the quarter, and 3.4 per cent to $56.5 million for the six months.
Gross revenue for the second quarter stood at $48.6 million, up 6.3 per cent year-on-year, due mainly to the end of renovations at Northpoint City North Wing. It rose 7.5 per cent to $96.5 million for the half-year.
Net property income was 6.9 per cent higher at $34.8 million for the quarter, and up 8 per cent to $69.3 million for the half.
Portfolio occupancy at all FCT properties - Causeway Point, Northpoint City North Wing and Yishun 10 Retail Podium, Anchorpoint, YewTee Point, Bedok Point and Changi City Point - was 94 per cent as of March 31, higher than the 87.2 per cent a year earlier.
AT A GLANCE
GROSS REVENUE: $48.6 million (+6.3%)
NET PROPERTY INCOME: $34.8 million (+6.9%)
DISTRIBUTION PER UNIT: 3.1 cents (+2%)
Property expenses for the quarter were $13.8 million, up 5 per cent from the same period last year, mainly due to an increase in other costs and manager's fees. This was partially offset by lower maintenance expenses.
FCT units closed down one cent to $2.21 yesterday.