Lower financing cost helps boost FCOT's DPU

FRASERS Commercial Trust (FCOT) booked a distribution per unit (DPU) of 2.08 cents for its fiscal fourth quarter, an 18.9 per cent jump over the 1.75 cents a year ago, despite lower revenues.

For the three months ended Sept 30, 2013, gross revenue fell 19 per cent year-on-year to $28.8 million, mainly due to FCOT's disposal of KeyPoint in Singapore and its properties in Japan last year, as well as lower income from its Australian properties due to a weaker Australian dollar.

The fall in net property income was slightly gentler at 17.4 per cent to $21.9 million, cushioned somewhat by lower property operating expenses.