SINGAPORE (Aug 7): Frasers Centrepoint Limited posts an 18.4% increase in earnings to $182.4 million for the 3Q17 ended June, from $154.0 million a year ago.
Excluding fair value change and exceptional items, attributable profit would have been 167.4% higher than earnings of $68.2 million a year ago.
FCL saw its revenue more than double to $1.40 billion in 3Q17, from $682.1 million a year ago.
The increase came largely from higher contributions from the group’s Australia strategic business unit (SBU) and international business.
Revenue from its Australia SBU increased by $500 million to $682 million in 3Q17, mainly due to the sale and settlement of two student accommodation components at Central Park as well as higher level of settlements from residential projects during the quarter.
Revenue from its international business increased by $236 million to $273 million in 3Q17, mainly due to timing of development profit recognition in China and the UK.
Revenue from its Singapore SBU fell 9% to $243 million, while revenue from its hospitality SBU grew 3% to $200 million.
Share of results of joint ventures and associates increased by $20 million to $44 million in 3Q17.
This was on the back of profit contributions from Gemdale Megacity in Songjiang, China, as well as maiden contributions from TICON Industrial Connection Public Company, and higher share of profits from Frasers Property Australia’s joint ventures.
As at end June, cash and cash equivalents stood at $1.51 billion.
“Our results continue to validate our longstanding strategy of growing our asset portfolio across select geographies and property segments, with the aim of achieving sustainable earnings, while capturing opportunities across property cycles,” says Panote Sirivadhanabhakdi, FCL’s group chief executive officer.
“We remain focused on exploring opportunities that allow the group to harness our multi-sector expertise for further growth,” he adds.
Shares in Frasers Centrepoint closed 1.5 cents lower at $1.90 on Monday.
