FrasersCT – BT

FCT posts Q2 income of $10.3m

FRASERS Centrepoint Trust (FCT) yesterday said that its distributable income for the second quarter ended March 31 came to $10.3 million, or 1.67 cents per unit. The figures were higher than the forecast distributable income of $9.1 million, or 1.46 cents a unit. There were no comparable figures for 2006 as FCT was only listed on July 5 last year. Net property income for the three months came to $13.4 million.

The trust said that the stronger than expected performance was mainly due to higher turnover during the festive period. ‘Historically, increased shopper activity during the festive period has provided a seasonal boost to turnover rent during the January to March quarter,’ said FCT. ‘On average, turnover rent for the January to March quarter has been three-fold higher than that of a normal quarter.’

The increase was also helped by improved carpark income due to higher vehicle count, and additional income derived from casual leasing resulting from the increase in demand for atrium space, kiosks and advertising.

FCT said that it has four assets lined up for acquisition: Northpoint 2, YewTee Point, Bedok Mall and The Centrepoint. ‘It is our plan to start acquiring Northpoint 2 and YewTee Mall by the fourth quarter of 2008,’ said Christopher Tang, chief executive of the Reit’s management team.

FCT shares closed one cent up at 1.71 yesterday. The trust’s stock price has climbed 11.8 per cent since the start of the year.