Frasers Property, formerly known as Frasers Centrepoint, posted a 59 per cent fall in net profit in the first quarter after fair value change and exceptional items.

The drop in earnings to $76.9 million from $187.5 million in the same quarter a year earlier was due in part to falling revenue, down 24 per cent to $740 million.

Before fair value change and exceptional items, the first-quarter net profit was $69.2 million, down 62 per cent from a year ago.

Frasers Property said recurring income sources accounted for 78 per cent of operating profit before interest, fair value change, taxation and exceptional items in the first quarter compared to 53 per cent in the same period a year earlier, when there was "significant profit recognition" from the completion and settlement of development projects in China.

For the three months ended Dec 31, 2017, earnings per share after fair value change and exceptional items stood at 2.63 cents, down from 6.45 cents a year earlier.

Earnings per share before fair value change and exceptional items was 2.36 cents, down from 6.26 cents.

Mr Panote Sirivadhanabhakdi, group chief executive of Frasers Property, said: "Our strategy of growing our recurring income base has once again proven beneficial amid a quarter with less development profits, which are lumpy by nature.

"We will continue to build resilience in our portfolio by growing in a balanced and diversified manner."

Frasers Property said yesterday that it will continue to focus on growing its portfolio in a "balanced and sustainable manner" across geographies and asset classes.

The group will also look at opportunities to enhance its portfolio of investment properties via asset enhancement and repositioning initiatives, as well as the injection of stabilised assets into its real estate investment trusts.

On Feb 1, the company announced in a pre-market open filing on the Singapore Exchange that it is now formally known as Frasers Property, following shareholders' approval for the name change at its annual general meeting on Jan 29.

Mr Sirivadhanabhakdi said: "The name change underscores our identity as one powerful entity, consolidating the majority of our businesses into a single, global property brand."

All of Frasers Property's businesses, including those in development, retail, commercial, and logistics and industrial, are operating as Frasers Property.

The counter closed at $2 yesterday, down 3 cents or 1.5 per cent.