SINGAPORE - Contributions from overseas projects and the sale of Changi City Point helped lift third-quarter underlying earnings for Frasers Centrepoint.
The Singapore-listed property developer posted a 55.2 per cent drop in net profit from the year before to $122 million, mainly due to a revaluation gain last year.
Excluding exceptional items and this gain from revaluation, which usually takes place at year-end but was conducted in June last year due to Frasers Centrepoint's listing exercise, the developer would have posted a 77 per cent jump in net profit for the third quarter over a year ago to $120 million.
This climb came on the back of project completions in China, the sale of completed units in Australia and Britain, and the divestment of Changi City Point to Frasers Centrepoint Trust, the developer said on Monday.
Revenue rose 41 per cent in the three months to June 30 over the previous year to $575.4 million.
The "strong operating results" were due to "strong contributions from our overseas markets, as well as from the execution of our Reit strategy", said group chief executive Lim Ee Seng in a statement.