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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules