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

Farnborough Business Park, UK_.jpg
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.

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.

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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.