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Friday, April 22, 2011

FrasersComm Q1 2011 Quarterly Earnings Report

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FrasersComm Q1 2011 Quarterly Earnings Report:
 Key Points
  • DPU for the reporting quarter is 1.61 cents. 
  • FCOT achieved gross revenue of S$29.6 million which is comparable to a year ago. This was due to higher revenue contribution achieved for Central Park and KeyPoint as a result of an increase in occupancy rates, which was offset by the loss of revenue contribution from Cosmo Plaza following its divestment on 18 January 2011.
  • Net property income increased by 1% to S$23.8 million, mainly attributable to higher income recorded for Central Park and KeyPoint combined with lower property operating expenses achieved for the quarter due to the divestment of Cosmo Plaza.
  • A total distribution of 2.8639 cents per Unit and 2.7425 cents per CPPU for the first half of FY11 will be paid on 30 May 2011. The distribution books closure date for both the Units and CPPUs is 3 May 2011.
  • Based on the last closing price of the Units of S$0.815 on 20 April 2011, the 1H FY11 DPU of 2.8639 cents represents an annualised yield of 7.0%. 
  • Operationally, average occupancy rates for the portfolio grew by 5.9% to 97.7% as compared to last quarter. The robust occupancy rates were boosted by the rise in occupancy for both Singapore and Australia portfolio plus the divestment of Cosmo Plaza.
  • NAV per unit of S$1.34 as at 31 Mar 2011.
  • Gearing of 37.8% as at 31 Mar 2011.
Author's Note
The DPU of 2.8639 cents will be paid on 30 May 2011. Books closure is on 3 May 2011. This distribution includes DPU of 1.61 cents for the current reporting quarter and the DPU of 1.2539 cents for the previous quarter.

Note that the number of Units used to calculate the per unit figures such as DPU and NAV per unit has been adjusted for the effect of the consolidation of every five existing Units held by the Unitholders into one consolidated Unit pursuant to the completion of the Unit Consolidation on 11 February 2011.

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 2.7425 cents per unit for the latest distribution for first half FY11.

DPU was 1.2539 cents for the previous quarter, adjusted for the 5 to 1 Unit Consolidation on 11 February 2011.

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