Frasers Centrepoint Trust Q4 DPU up 2.7 per cent

HIGHER rental revenue helped lift fourth-quarter distribution for mall owner Frasers Centrepoint Trust (FCT).

Distribution per unit (DPU) rose 2.7 per cent from the previous year to 2.859 Singapore cents for the three months to Sept 30, FCT said in a Singapore Exchange filing on Thursday.

It said this brought its total DPU for the financial year ended Sept 30 to a new high of 11.608 Singapore cents, up 3.8 per cent year-on-year.

For Q4, distribution to unitholders grew 2.8 per cent to S$26.2 million on the back of a 1.2 per cent rise in net property income to S$31.7 million.

Gross revenue expanded 1.7 per cent to S$47.5 million on higher gross rent.

"Our portfolio of suburban malls continues to perform well, achieving stable occupancy and positive rental reversions despite the current headwinds in the retail sector," said the trust manager's chief executive officer Chew Tuan Chiong in a statement.

The trust said that an 18-month refurbishment at Northpoint is scheduled to commence in March 2016.