RETAIL | Staff Reporter, Singapore

Frasers Centrepoint Trust's NPI up 9.1% to $34.51m in Q1

Portfolio occupancy rate slightly improved from 92% to 92.6%.

Frasers Centrepoint Trust's (FCT) net property income (NPI) rose 9.1% YoY from $31.64m to $34.51m in Q1.

According to its financial statement, portfolio occupancy rate hit 92.6%, slightly higher than 92% as at 30 September 2017.

Distribution per unit (DPU) rose from 2.89 cents to 3 cents, whilst distributable income rose 4.3% YoY from $26.62m to $27.77m.

Gross revenue also expanded by 8.7% YoY from $44.08m to $47.91m. Property expenses rose by 7.7% YoY to $13.4m.

Meanwhile, headwinds and challenges continue in the retail sectors, but FCT said its suburban malls are "expected to remain resilient."

At Northpoint City North Wing, integration works with South Wing have been completed with 99% of the reconfigured areas leased and handed over to tenants. 

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