Frasers Centrepoint posts $181m Q3 profit
FRASERS Centrepoint Limited (FCL) yesterday reported a 43 per cent jump in net profit to $181.4 million for its third quarter ended June 30. Its revenue more than doubled, rising 157 per cent to $1.01 billion.
The higher income was fuelled by project completions of Twin Waterfalls executive condominium in Singapore and Gemdale Megacity Phase 2A in China during the quarter, the property firm said.
Developers' turnover and earnings tend to be choppy in tandem with project completions and sales.
FCL added that new streams of income contribution from the acquisition of Australand and the six hotels acquired by Frasers Hospitality Trust (FHT) from the TCC Group also helped.
Earnings per share for the quarter was 5.71 cents. It is not comparable to a year ago, due to an enlargement of share base following a recapitalisation exercise that occurred ahead of its listing in January last year. Net asset value per share was $2.20 at end-June.
FCL shares added three cents to $1.67.
THE BUSINESS TIMES