Written by The Edge
Wednesday, 28 July 2010 18:05
Frasers Commercial Trust (FCOT) recorded a gross revenue of $29.2 million and net property income of $22.7 million for the third quarter ended 30 June 2010. The results were 29% and 33% respectively above those of the same period last year.
Total distributable income was up by 123% y-o-y to $12.4 million from $5.6 million. This was mainly due to full quarter contributions from Alexandra Technopark, the strengthening of the Australian Dollar plus lower finance costs attributable to reduction of borrowings and lower interest rates. As a result, distributable income to unitholders increased by 39% to $7.7 million. In addition, $4.7 million is available for distribution to Series A Convertible Perpetual Preferred Units (CPPU) holders.
