Frasers Centrepoint Trust DPU dips 1.3% to 3 cents

Low shopper traffic and tenant sales pushed the company’s revenue down.

Frasers Centrepoint Trust (FCT) seesaws after it reported a 1.3% dip of the distribution per unit (DPU) to 3 cents this year.

According to OCBC Investment Research analyst Andy Wong Teck Ching, FCT reported a 1.3% decline in net property income (NPI) to $30.8m due to the write-back of provisions regarding property tax.

The company's gross revenue also fell 3.3% to $43.6m, no thanks to loss of income from the ongoing asset enhancement initiative (AEI) at Northpoint.

Overall shopper traffic declined by 2.8%, while tenant sales dropped by 5.9% for the year.

Meanwhile, FCT's portfolio occupancy "held firm" at 87.1%, a decrease by 0.1 ppt for the quarter, the analyst said.

The company reported a positive rental reversion of 5.4%.