Frasers Commercial Trust’s net property income climbed 8.5% to $23.8m in 4Q14

But its portfolio valuation was impacted by the weaker AUD.

Frasers Commercial Trust reported its 4QFY14 results yesterday. Net property income climbed 8.5% year-on-year to $23.8m, while gross revenue grew 10.5% yoy to S$31.8m.

Its DPU of 2.21 S cents represented an increase of 6.2%, driven by higher rental contribution from the underlying leases following the expiry of the master lease at Alexandra Technopark, coupled with improved occupancy and rental rates at China Square Central.

According to OCBC, FCOT managed to achieve positive weighted average rental reversions of 6.0%-18.4% and 13.7%-21.4% for 4QFY14 and FY14, respectively.

“Its portfolio valuation increased slightly by 0.7% from S$1,811.4m (as at 30 Sep 2013) to S$1,824.9m (as at 30 Sep 2014), as the gain in valuation of its Singapore properties was partially offset by the decline in valuation of its Australia assets (partly due to weaker AUD),” noted OCBC.