Frasers Centrepoint Trust's NPI up 10% to $34.58m in Q4

Revenue from Northpoint City North Wing recovered as renovation is about to finished.

Frasers Centrepoint Trust's (FCT) net property income rose by 10% YoY to $34.58m in Q4.

According to its financial statement, gross revenue went up 8.1% YoY to $48.25m mainly due to recovery and improvement in revenue from Northpoint City North Wing upon near completion of its addition and alteration works.

Distributable income also rose 9.22% YoY to $28.2m.

FCT also received an unrealised gain of $0.2m from fair valuation of interest rate swaps for the hedging of interest rate in respect of $80m of their loans.

The firm also received a surplus on the revaluation of the properties of $94.4m. The share of associate’s results from operations hit $0.9m, and the share of joint venture’s results hit $0.2m.