Frasers Commercial Trust’s net property income rises by 15.6% to $28.1m

Thanks to its acquisition of an Australia property.

Both its new acquisitions and old properties contributed to a higher bottomline for Frasers Commercial Trust as its gross revenue increased by 11.1% to $38.6m.

According to a report by OCBC Research, this was driven by contribution from the acquisition of 357 Collins Street in Australia, as well as higher rental and lower utilities expenses at Alexandra Technopark (ATP).

However, OCBC added that this was partly offset by lower income from China Square Central (CSC) and its remaining Australia properties.

“DPU rose 2.6% YoY to 2.41 S cents. On a 9MFY16 basis, FCOT’s gross revenue was up 11.6% to S$117.2m and constituted 73.4% of our FY16 forecast. DPU of 7.37 S cents represented growth of 2.5% and accounted for 74.8% of our full-year forecast,” OCBC said.