Frasers Centrepoint posts lower Q1 net profit due to absence of one-off gains
Property developer Frasers Centrepoint said on Wednesday its net profit for the quarter ended Dec 31 dipped 7.5 per cent over a year ago to $120.8 million, mainly due to an absence of one-off gains recorded in the same period the previous year.
But its revenue surged 87 per cent in the quarter over a year ago to $631.6 million, due to higher sales of development properties in Australia, China, and Britain as well as a better performance from the group's hospitality segment.
The developer was reporting its first set of results since its listing on the Singapore Exchange in January this year.
In the first quarter of the previous year, Frasers Centrepoint had recorded one-off gains of $41.8 million.