Frasers Commercial Trust posts 2% rise in DPU for Q1 2016

FRASERS Commercial Trust (FCOT) reported a higher distribution per unit (DPU) of 2.51 Singapore cents for the first quarter ended Dec 31, 2015, from 2.46 Singapore cents a year ago, lifted by better performance of Alexandra Technopark and a first full-quarter contribution from an Australian property.

The trust's distribution income rose 18 per cent to S$19.7 million which translated to a 2 per cent growth in DPU following an increase in the number of issued and issuable units mainly due to a private placement completed in August 2015.

The quarter marked the first full quarter of contribution from 357 Collins Street in Melbourne, said the trust in a statement.

Gross revenue was up 12 per cent to S$39.6 million while net property income rose 15 per cent to S$29.4 million, thanks to higher rentals, upfront rental income and lower utilities expenses at Alexandra Technopark and the completion of the Melbourne property acquisition in August 2015.

However, the increase was partially reduced by the effects of the weakening Australian dollar on the income from Australian properties and lower occupancy rate for China Square Central and Central Park, said the trust.

FCOT units fell two Singapore cents or 1.6 per cent to S$1.20 on Wednesday.