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.

This included $35 million from redeeming Sengkang Mall bonds, which matured in November 2012, and $5 million from its share of Frasers Commercial Trust's gain after the trust sold some Japanese properties.

Excluding exceptional items, the group would have recorded a 34.1 per cent rise in first-quarter net profit over a year ago to $119 million.