Monday, April 23, 2012

FraserCenterPoint (FCT) 2Q12 Results - 23 April 2012

- Frasers Centrepoint Trust ("FCT"), is pleased to announce distribution per unit ("DPU") of 2.50 cents for the period 1 January to 31 March 2012 ("2Q12"). The 2Q12 DPU is a new all-time high for FCT and is 20.8% higher than the 2.07 cents distributed in the same period a year ago.
 of 5.49 times for 2Q12. FCT’s average cost of borrowings for 2Q12 improved to 3.04% from 3.06% in the previous quarter.

- Gross revenue was up 27.4% year-on-year to $36.7 million and net property income jumped 30.4% to $26.2 million. Income available for distribution for the quarter was $21.3 million, of which $20.6 million will be paid to unitholders on 30 May 2012. $0.7 million has been retained, adding to the $1.6 million retained in the previous quarter.

- FCT’s financial position remains strong with gearing level at 30.9% as at 31 March 2012 and interest cover

- Main contributions coming in from AEI (Asset Enhancement Initiative) of Causeway Point and positive contributions full quarter of Bedok Point which drive higher DPU for the quarter.

- With AEI from Causeway Point expected to fully complete by December 2012, expect DPU to keep rising towards the next few quarters.

- Share price remains strong and look to progressively rise towards the year end.

- Vested with 10 lots :)

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