FCT H2 DPU falls 26.1% to 4.372 S cents on Covid-19 rental relief for tenants

FRASERS Centrepoint Trust (FCT)'s distribution per unit (DPU) fell 26.1 per cent to 4.372 Singapore cents for its half year ended Sept 30, from 5.913 cents a year ago.

Gross revenue was down 33.8 per cent to S$64.5 million for the period April 1 to Sept 30, from S$97.4 million in the year-ago period.

This was mainly due to rental rebates provided to tenants amid the Covid-19 pandemic. These amounted to about S$27.4 million, FCT's manager said on Tuesday.

Net property income (NPI) fell 42.8 per cent on the year to S$38.6 million for the half-year period, from S$67.5 million.

Income available for distribution tumbled 51.6 per cent to S$30.1 million, from S$62.2 million a year earlier.

The distribution is expected to be paid out on Dec 4, following books closure on Oct 6.

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Meanwhile, for the full year ended Sept 30, DPU was lower at 9.042 Singapore cents, versus 12.07 cents a year ago, and income available for distribution fell 14.8 per cent to S$101.2 million.

Gross revenue dropped 16.3 per cent to S$164.4 million, while NPI was down 20.4 per cent to S$110.9 million for the full year from Oct 1, 2019 to Sept 30, 2020.

FCT units closed at S$2.08 on Monday, down S$0.03 or 1.4 per cent.