FrasersComm Q3 2010 Quarterly Earnings Report

Q3 2010 results for FrasersComm:

• Press Release
• Financial Statements
• Note
• Presentation Slides
• Presentation Slides for Property Statistics

Key Points

• DPU for the reporting quarter is 0.31 cents. 
• Gross revenue for the financial year grew by 21% to S$117.9 million. 
• The growth was driven mainly by the full year contribution from Alexandra Technopark, and the strengthening of the Australian Dollar. 
• Net property income rose 25% to S$93.0 million in line with the strong revenue growth.
• Distribution Per Unit (“DPU”) for the full financial year was 1.12 cents, up by 29% from a year earlier. Based on the last closing price of the Units of S$0.165 on 21 October 2010, this represents a yield of 6.8%. 
• A total distribution of 0.5549 cents per Unit and 2.7575 cents per CPPU for the second half FY10 will be paid on 29 November 2010. 
• The distribution books closure date for both the Units and CPPUs is 2 November 2010.
• Higher average occupancy rates have been achieved for the Singapore and Australia properties which increased from 95.5% to 96.1% and 96.3% to 98.8% respectively.
• The net asset value (“NAV”) per Unit was S$0.27 as at 30 September 2010 up from S$0.26 a quarter ago.
• As at 30 SEP 2010, Total Assets is S$2,094,108m, Total Debt is S$828,461m, and gearing is at 39.6%.

Author's Note
The DPU of 0.5549 cents will be paid on 29 Nov 2010. Books closure is on 2 Nov 2010. This distribution includes DPU of 0.31 cents for the current reporting quarter and the DPU of 0.25 cents for the previous quarter.

Note that part of the distributable income of the reit needs to be distributed to unit holders of the CPPU (Convertible Perpetual Preferred Units), which is 2.7575 cents per unit for the latest distribution for second half FY10.

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