Frasers Commercial Trust DPU down 4.4% to 2.40 Singapore cents for Q2

FRASERS Commercial Trust (FCOT) posted a distribution per unit (DPU) of 2.40 Singapore cents for the three months ended March 31 - the second quarter of their financial year - down 4.4 per cent from 2.51 Singapore cents a year before.

Gross revenue for the quarter fell 18 per cent year-on-year to S$33 million, while net property income (NPI) fell 25.3 per cent to S$22.4 million.

In a results filing on Friday, FCOT said that the poorer performance was due mainly to lower occupancy rates for properties in Singapore, and Australian properties Central Park and 357 Collins Street; the absence of a one-off payment in relation to a termination of lease in Central Park; and the weaker Australian dollar.

NPI also took a hit from higher repair and maintenance expenses for Caroline Chisholm Centre.

The gross revenue and NPI figures are before contribution from FCOT's 50 per cent indirect interest in Farnborough Business Park, which is held as a joint venture and equity-accounted. The acquisition was completed on Jan 29, 2018.

Including the maiden contribution from Farnborough Business Park, total distributable income for Q2 was up 2.9 per cent to S$20.6 million.