Frasers Centrepoint's full year earnings down 31%

SINGAPORE - Property developer Frasers Centrepoint Limited has reported a 31 per cent fall in net profit to $500.7 million for its full year ended Sept 30.

The fall in earnings was due mainly to one-off expenses such as restructuring costs during the listing of Frasers Centrepoint, the acquisition of Australand, as well as lower fair value gains, the group said in a filing to the Singapore Exchange.

Revenue climbed 33 per cent to $2.7 billion from the previous year, driven by project completions in Australia, China and the United Kingdom.

Frasers Centrepoint group chief executive Lim Ee Seng said that he group has strengthened its core markets of SIngapore, Australia and China, and will "continue to look at opportunities over the medium term to strengthen our third leg of China."

Full-year earnings per share came in at 20.4 cents while net asset value was $2.23. The group said that a direct comparison with the previous year's figures would not be meaningful as those were based on the group's pre-recapitalisation issued share capital.

The board has proposed a final dividend of 6.2 cents, bringing the total dividend for the year to 8.6 cents, which works out to a yield of 5.4 per cent.

Frasers Centrepoint shares closed half a cent down at $1.585. The results were posted after market closed.