FCT – BT

Frasers Centrepoint Trust results improve for Q2, H1

FRASERS Centrepoint Trust (FCT) yesterday reported better results for both the second quarter and half year ended Mar 31.

Gross revenue in Q2 rose 2 per cent from the previous year to $28.8 million, with the increase coming mainly from Northpoint 2 and YewTee Point which were bought last year.

Contributions from these malls helped offset the drop in takings from Causeway Point, which is undergoing asset enhancement works.

Net property income slipped 1.3 per cent to $20.1 million. Distribution to unitholders rose 7.8 per cent to $16 million.

Distribution per unit (DPU) in Q2 was 2.07 cents, up slightly from 2.06 cents in the previous year.

For the first half of the year, gross revenue increased 9.5 per cent year-on-year to $56.4 million, and net property income was up 6.7 per cent to $38.7 million.

Distribution to unitholders grew 15.5 per cent to $31 million. As a result, DPU in H1 was 4.02 cents, higher than 3.97 cents a year ago.

FCT’s portfolio occupancy rate in Q2 dropped to 82.9 per cent from 92.1 per cent a quarter ago as refurbishment works at Causeway Point continued. At the mall itself, just about 69 per cent of space was taken up at Mar 31.

Chew Tuan Chiong, CEO of FCT’s manager, said at a briefing yesterday that Causeway Point is now 68 per cent occupied but that should climb gradually to over 80 per cent towards end-June.

Upgrading works were 33 per cent completed in March, and tenants had pre-committed to 99 per cent of space undergoing refurbishment. FCT projects that the average rent at Causeway Point post-refurbishment would be $12.20 per square foot – 20 per cent higher.

FCT is still aiming to acquire Bedok Point this calendar year. The mall opened in December last year and ‘we wanted to see at least some months of stabilisation,’ Mr Chew said.

FCT gained one cent on the stock market yesterday to close at $1.50.