FCOT posts jump in Q1 DPU to 2.05 cents

FRASERS Commercial Trust (FCOT) posted a distribution per unit (DPU) of 2.05 cents for the first quarter ended Dec 31, 2013, up from 1.58 cents a year earlier.

The jump in DPU was a result of the improved performances of its properties in Singapore, lower interest costs and and savings in distribution for the Series A Convertible Perpetual Preferred Units (CPPUs), the trust said yesterday. To date, 99.9 per cent of the Series A CPPUs had either been converted or redeemed.

During the quarter, gross revenue slipped 3 per cent year-on-year to $28.77 million, as the weaker Australian dollar and lower occupancy for Central Park offset a 7.5 per cent increase in gross revenue for its Singapore properties.