Frasers Centrepoint Trust profit up by 30.4% to S$26.2m

Distributable income also increased by 30.6% to S$21.3m.

Higher achieved rental rates, full-quarter contribution from Bedok Point, and strong uplift from Causeway Point were major factors that contributed to these figures.

Here's more from OCBC Investment Research:

Frasers Centrepoint Trust delivered a laudable set of 2QFY12 results. NPI and distributable income were up 30.4% and 30.6% YoY to S$26.2m and S$21.3m respectively, driven by higher achieved rental rates, full-quarter contribution from Bedok Point, and strong uplift from Causeway Point. In addition, DPU rose by 20.8% YoY to a record high of 2.50 S cents. As a result, 1HFY12 NPI came in at S$51.1m, forming 53.4% of our full-year forecast, while DPU hit 4.70 S cents, meeting 50.2% of our DPU assumption.

Management guided that FCT’s performance is expected to be sustained by these positive factors through 2HFY12. Refurbishment works at CWP is proceeding on schedule and is targeted for completion by Dec 2012. As at 31 Mar, FCT’s portfolio occupancy was still healthy at 93.5%, while gearing level was at 30.9%.

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