Commercial and industrial owner Frasers Commercial Trust received a lift in the fourth quarter after a decline in revenue was offset by other gains.
It reported yesterday that contributions from Farnborough Business Park, higher distribution from capital returns and payment of management fees in units in lieu of cash helped bolster the numbers in the three months to Sept 30.
Distribution per unit (DPU) dipped from 2.41 cents in the fourth quarter last year to 2.4 cents. Full-year DPU slipped from 9.82 cents last year to 9.6 cents. Books close on Oct 30 and payment will be made on Nov 29.
Income available for distribution rose 10.4 per cent in the fourth quarter to $21.4 million, while gross revenue dropped 15.2 per cent to $32.5 million.
This was due to lower occupancy at China Square Central, Alexandra Technopark, Central Park in Perth and 55 Market Street, a weaker Australian dollar, and the disposal of 55 Market Street that closed on Aug 31.
Net property income fell 19.2 per cent to $21.6 million from the preceding year.
Income available for distribution for the full year expanded 5.2 per cent to $82.7 million, with gross revenue sinking 14.8 per cent to $133.3 million.
Net property income fell 21.6 per cent to $89.3 million, with net asset value per unit at the end of the financial year at $1.59.
The units closed up 1.4 per cent to $1.43 yesterday after the results announcement.