Frasers Centrepoint (FCL) yesterday announced a 42.2 per cent slide in second-quarter net profit to $71.2 million.

The fall was primarily due to a previous significant contribution from the Twin Fountains executive condominium in the same period last year.

Revenue for the three months ended March 31 also fell by 21.4 per cent to $705.8 million.

As the group's projects come in different sizes and contribute at varying times, a comparison over the longer term may offer a better representation of the group's performance, FCL said.

On a half-year basis, net profit rose 16.6 per cent to $258.8 million, while revenue increased 6.9 per cent to $1.68 billion.

The increase was due to the completion and settlement of residential projects in Australia and earnings from the completion of the last phases of Baitang One Suzhou, a China residential project.

FCL also noted that its hospitality business segment increased its profit contribution due to the addition of assets in Australia and Germany to Frasers Hospitality Trust, the group's hospitality Reit, as well as unrealised gains on cross-currency swaps.

Quarterly earnings per share was 1.36 cents from 3.15 cents a year earlier. Net asset value a share was $2.34 as at March 31, up from $2.30 as at Sept 30 last year.

Mr Panote Sirivadhanabhakdi, FCL's group chief executive, said: "The merits of our longstanding strategy of growing our asset portfolio in a balanced and sustainable manner across geographies and property segments were evident from our first-half results."

The geographical diversification of FCL's assets was cited as a key factor in enabling FCL to deliver sustainable earnings. About 40 per cent of FCL's assets are in Australia and Europe.

While development expenditure on investment properties and the acquisition of a 40 per cent stake in Ticon Industrial Connection for around $538 million in January this year increased FCL's net debt, FCL said that clear visibility over future cash flows will allow it to manage debt maturity.

Commenting on FCL's results, research team Macquarie Research highlighted healthy operational trends in FCL's business segments.

The team noted that FCL registered positive rental adjustments in its Singapore retail and commercial portfolios, while momentum in the residential segment is expected to pick up.

Looking ahead, Mr Sirivadhanabhakdi said the group will look to build its asset portfolio.

"We will continue to make selective investments in overseas and recurring income assets as we work towards our strategic objective of achieving earnings sustainability."

An interim dividend of 2.4 cents a share was declared.