FCOT: Revenue for 1Q2011 Dec was at $29.0m -2.0%yoy -1.1%qoq, Net Property Income at $22.9m -2.0%yoy -1.2%qoq but distributable income was $7.9m +7%yoy. DPU rose 4%yoy to 0.25c per unit but fell 19.35% qoq. Fall in revenue and NPI was attributed to expiry of significant tenancy due to tenant facing financial difficulty in Aug 2010 which also increased impairment of receivables…
Cosmo Plaza was divested in 18 Jan 2011, due to its loss-making results but impacted 1Q results negatively. FCOT’s annualized yield is at 5.7% based on 1Q results, dip compared to prev FY10’s DPU of 1.12c, approx 6.4% yield at current price.
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