Frasers Centrepoint Limited (FCL)’s 3Q FY13/14 revenue and profit before interest and tax (PBIT) rose 41 percent and 56 percent from the previous corresponding quarter to $575.4 million and $160.3 million, respectively.
The growth was driven by revenue from overseas markets as a result of project completions in China, sale of completed units in Australia and the United Kingdom during the quarter, as well as proceeds from the sale of Changi City Point to Frasers Centrepoint Trust (FCT).
Source: Frasers Centrepoint Limited
Group revenue and PBIT from development properties grew 50 percent and 88 percent year-on-year to $471.7 million and $109.4 million, respectively. The increases were due to improved performances in Singapore and overseas.
However, its net profit over the same period was $109.2 million, down 60% year-on-year due to the absence of fair value gain on investment properties that were recorded in the corresponding period last year.
PBIT from investment properties climbed one percent year-on-year to $16 million in 3Q FY13/14, despite a marginal one percent year-on-year drop in revenue.
FCL’s Hospitality segment delivered a 17 percent year-on-year jump in revenue to $53.5 million in 3Q FY13/14. However, PBIT from the segment fell five percent year-on-year, mostly due to exchange losses incurred on USD loans for Fraser Suites Beijing in China.
The group recently replenished its land bank with the acquisition of a 22,190 sq m Executive Condominium (EC) land parcel last month, which is expected to yield around 620 residential units, at Sembawang Avenue.
In a statement, the group said, “FCL’s business in Singapore will be supported by the development and subsequent launch of this new land bank and sales at RiverTrees Residences (pictured), which is 53% sold to-date, as well as the Group’s portfolio of malls and offices, which continues to trade well.”
Image source: Frasers Centrepoint Limited
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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