Frasers Centrepoint Trust reports DPU of 6.0911 cents for H2

Net income rose to $128.12m during the second half of its fiscal year.

Frasers Centrepoint Trust (FCT) saw its net property income rise 6% to $128.12m in the six month period between 1 April and 30 September, according to its latest financial report. Gross revenue rose 7.9% to $180.74m during the same period.

FCT has announced a distribution per unit or DPU of 6.0911 cents for the period. Books closure date is 5PM on 3 November, whilst payment date is 29 November.

For the fiscal year ending 30 September, total DPU is 12.227 Singapore cents, 1.2% higher than the previous fiscal year.

CEO Richard Ng noted that whilst the trust is facing headwinds from rising interest rates, inflation, and volatilities in the global geopolitical situation, they are seeing “several opportunities” that can cushion the impact. 

“These include rent growth and room for higher ancillary income, opportunity for asset enhancement initiatives (“AEI”) for value creation and higher contributions from the acquisition of the additional 10% stake in Waterway Point to be completed in FY2023,” Ng said.

He added that FCT’s malls are well positioned to benefit from the rising trend of hybrid work arrangement increasing consumer preference for click-and-collect and order fulfillment from malls near their homes.