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Frasers Centrepoint Trust Q2 DPU up 2% on higher revenue
FRASERS Centrepoint Trust (FCT) on Wednesday posted a higher distribution per unit (DPU) of 3.10 Singapore cents for the second quarter, from 3.04 Singapore cents in the year-ago period, on higher revenue and property income.
Distribution to unitholders in Q2 2018 was up 2.5 per cent to S$28.7 million from the year before, and distribution to unitholders in H1 2018 rose 3.4 per cent to S$56.5 million.
FCT's DPU for H1 2018 was 6.10 Singapore cents, 2.9 per cent higher than the 5.93 Singapore cents the year before.
Gross revenue for the three months ended March 31, 2018 stood at S$48.6 million, an increase of 6.3 per cent from Q2 2017.
This was mainly due to recovery from the asset enhancement initiative works and improvement in revenue from Northpoint City's North Wing.
Gross revenue for H1 2018 rose 7.5 per cent to S$96.5 million.
Net property income (NPI) was 6.9 per cent higher at S$34.8 million in Q2 2018 compared to Q2 2017, while NPI in H1 2018 was up 8 per cent to S$69.3 million.
The portfolio occupancy rate of all of FCT's properties - Causeway Point, Northpoint City North Wing and Yishun 10 Retail Podium, Anchorpoint, YewTee Point, Bedok Point and Changi City Point - as at March 31, 2018 was 94 per cent.
This is higher than the portfolio occupancy rate of 87.2 per cent a year ago.
Property expenses for Q2 2018 was S$13.8 million, an increase of 5 per cent compared to Q2 2017. This was mainly due to an increase in other property expenses and property manager's fees. It was partially offset by lower maintenance expenses.
FCT was trading one cent lower at S$2.21 as at 9.42am.