Frasers Centrepoint Trust reports 8% rise in quarterly distributable income

HIGHER contributions from Causeway Point mall and Northpoint mall helped Frasers Centrepoint Trust (FCT) deliver a higher payout for unitholders.

The trust announced today that distributable income for the second quarter rose 8 per cent to $22.3 million, up from $20.6 million the same period a year ago.

Distribution per unit reached an all time high at 2.7 cents, said FCT's chief executive Chew Tuan Chiong.

Dr Chew also noted that there are plans to add Changi City Point mall to the trust in the next two years, while Centrepoint Shopping Centre had always been in the pipeline. Net property income was $28.7 million, up 9.7 per cent from $26.2 million a year ago.

"We expect Causeway Point and Northpoint to continue to drive growth, with the rest of the malls remaining stable," said Dr Chew.

Net asset value was $1.54 as at March 31, up from $1.53 as at Sept 30 last year.

Occupancy across FCT's malls for the three months to March 31 was 98.2 per cent, up from 97.2 per cent the previous quarter.

FCT's stock rose 6 cents to close at $2.24 today.