FCT's Q1 DPU rises 4.4% on lower property expenses

FRASERS Centrepoint Trust (FCT) on Thursday posted distribution per unit (DPU) of 2.87 Singapore cents for the first quarter ended Dec 31, 2015, up 4.4 per cent from the 2.75 cent DPU in the same year-ago period.

Distribution to unitholders rose 4.5 per cent to S$26.34 million. Gross revenue slipped 0.2 per cent to S$47.08 million. However, net property income increased 2 per cent to S$33.54 million on the back of lower property expenses, due to lower utility tariff rates and fewer maintenance and repair works compared with the same period a year ago.

The trust manger said that asset enhancement at Northpoint is scheduled to begin in March this year. The 18-month programme is expected to deliver a positive return upon completion.

Based on current estimate, average mall occupancy is projected to be about 76 per cent over the period of March to September 2016.

On Thursday, the counter closed 2.5 cents lower at S$1.84.