A resilient financial performance
Gross revenue for 1H FY2024 fell by 7.2% year on year to S$172.2 million, principally due to the absence of contributions from Changi City Point and Tampines 1. Changi City Point was divested back in August 2023 while Tampines 1 Mall is undergoing an asset enhancement initiative (AEI). Net property income (NPI) tumbled by 8.4% year on year to S$124.6 million as property expenses dipped by just 4.1% year on year....The next REIT in line to report its results is Frasers Centrepoint Trust (SGX: J69U), or FCT.
The retail REIT went through an interesting growth phase where the manager acquired an additional 24.5% stake in NEX Mall in Serangoon back in January this year.
A month later, FCT was added to the bellwether Straits Times Index (SGX: ^STI).
The suburban retail REIT recently announced its financial results for the first half of fiscal 2024 (1H FY2024) ending 31 March 2024.
Here are five highlights from its latest earnings report.
