Frasers Commercial Trust says gross revenue was for the first quarter ended Dec 31, 2010, was $29 million, 2.3% lower as compared to a year ago.

This was mainly due to lower contribution from Cosmo Plaza as a result of the expiry of a significant tenancy in August 2010.

Correspondingly, net property income was 2.4% lower at $22.9 million.

Total distributable income was up by 4.1% year-on-year to $12.6 million from $12.1 million. This was attributable to an absence of loss from realisation of forward contract incurred in the prior year.

After accounting for distribution to Series A Convertible Perpetual Preferred Units (CPPU) holders of $4.7 million, amount available for distribution to unitholders was $7.9 million, an increase of 6.7% from a year earlier.