Saturday, April 24, 2010

Frasers Centrepoint Trust posts Q2 distributable income of $15.9m

FRASERS Centrepoint Trust (FCT) yesterday posted income available for distribution of $15.9 million for its second quarter ended March 31, 2010, an increase of 31 per cent from a year ago.

FCT's Q2FY10 distribution per unit rose 11 per cent to 2.06 cents. It said $1.1 million of Q2 income will be retained for distribution in the second half of FY2010.

Chew Tuan Chiong, chief executive officer of the trust's manager, Frasers Centrepoint Asset Management, said: 'FCT achieved record quarterly gross revenue and net property income of $28.3 million and $20.4 million respectively this quarter.'

He added: 'In addition to existing assets all achieving higher revenues, this excellent financial performance was made possible by the accretive acquisitions of Northpoint 2 & YewTee Point. These acquisitions achieved our strategic aim to enlarge FCT's asset base, thereby allowing us to reap the benefits of scale and income growth.'

FCT acquired Northpoint 2 & YewTee Point in February 2010, with total assets growing 26 per cent to $1.5 billion as a result.

The trust said net property income was supported by topline growth and tight cost controls. Portfolio occupancy rose to 99 per cent as the existing and the newly acquired malls registered full or close to full occupancy.

'As we continue to build upon the strong foundations of FCT's portfolio, we will announce in due course our plans to revamp Causeway Point, with a view to capitalising on the recovery in Singapore's economy and retail sentiments,' said Mr Chew. 'By improving its retail mix and amenities, a rejuvenated Causeway Point would better serve the needs of the 300,000 residents living within its trade catchment.'

Source: Business Times, 24 Apr 2010

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