Frasers Commercial Trust's net property income down 7% to S$23m

No thanks to divestment losses.

According to OCBC Investment Research, Frasers Commercial Trust (FCOT) announced its 2QFY13 results this morning. NPI fell 7.0% YoY to S$23.0m due to the loss of income arising from divestments of KeyPoint and the Japan properties. 

Here's more:

However, distributable income grew 16.8% to S$13.1m due mainly to savings following the redemption of its Series A Convertible Perpetual Preferred Units (CPPUs). DPU for the quarter stood at 1.9883 S cents, representing a 14.4% YoY growth.

This is largely in line with our expectations, as 1HFY13 DPU of 3.5715 S cents formed 51.4% of our full-year DPU forecast. We will be speaking to management later in the morning for more details on its outlook.