FrasersCom's Q3 DPU stays at 2.19 cts

FRASERS Commercial Trust (FCOT) reported a flat distribution per unit (DPU) of 2.19 Singapore cents for the third quarter ended June 30, as the cost savings from its buyback of convertible perpetual preferred units (CPPU) were offset by lower net property income (NPI).

Its NPI for the quarter slipped 0.7 per cent to S$22.9 million, dragged by weakness in the Australian dollar and higher expenses incurred from the repair and maintenance works at the Caroline Chisholm Centre, an office complex in Canberra, Australia.

But FCOT's Singapore properties continued to do better, chalking an NPI growth of 4.9 per cent in the third quarter from a year before, thanks mainly to improved performance in China Square Central. In Singapore, demand for commercial space came from tenants in sectors as diverse as IT, multimedia and telecommunications, consultancy, oil-and-gas and the insurance sectors, FCOT said.