Frasers Centrepoint full year net profit up 54%

SINGAPORE - Frasers Centrepoint Limited (FCL) reported 54 per cent increase in net profit to S$771.27 million for the full year ended Sept 30, 2015, on the back of new incomes through acquisitions.

The property group had reported earnings of S$500.7 million last financial year.

Revenue rose 61.7 per cent to S$3.6 billion, with the full year contribution from Australand, as well as the acquisition of six hotels for its hospitality business and maiden revenue from newly acquired Malmaison Hotel in Britain.

Profit before interest, taxation, fair value change and exceptional items climbed 44.4 per cent to S$1.1 billion, the company said in a release on Friday.

The group also recorded a 93 per cent increase in share of results of joint ventures and associates to S$279 million, on the back of fair value gains recognised on One @ Changi City and Waterway Point.

Property market remains challenging due to weak economic conditions, FCL said in the release, but the company will continue to grow its asset portfolio and increase its capital productivity through real estate investment trusts.

FCL declared dividends of 6.2 cents for the full year period on top of the interim dividend of 2.4 cents.