Higher revenue and fair value gain on investment properties gave Frasers Centrepoint (FCL) a lift for the full year.
Net profit for the 12 months to Sept 30 came in at $689.1 million, 15.4 per cent up on the $597.2 million recorded last year, the group reported yesterday morning.
It racked up a fair value gain of $215.3 million on investment properties, about double the $106.3 million in the previous 12 months.
It also made an exceptional loss of $15 million - compared with a net gain of $4.6 million last year - due to transaction costs on the acquisition of subsidiaries.
Excluding both fair value changes and exceptional items, profit attributable to shareholders stood at $488.2 million.
Revenue grew 17.1 per cent to $4.03 billion from the previous year, on the back of increased contributions from the group's Australian and other international businesses.
Earnings per share rose from 18.38 cents last year to 21.48 cents while net asset value per share increased from $2.30 to $2.46.
AT A GLANCE
$4.03 billion (+17.1%)
$689.1 million (+15.4%)
6.2 cents a share (unchanged)
FCL has proposed a final dividend of 6.2 cents, unchanged from last year.
Chief executive Panote Sirivadhanabhakdi said it had been a "fruitful year" for the group as it focused on growing its overseas income and building up a defensive portfolio of quality, income-producing assets in markets it is familiar with.
"Our recent acquisitions of four business parks in the United Kingdom and Geneba Properties, an Amsterdam-headquartered company which has a portfolio of long-lease, industrial and logistics assets in Germany and the Netherlands, are testaments to our efforts," he added.
"This has also enabled us to reshape FCL's portfolio, from one that had nearly 70 per cent assets in Singapore and nearly 60 per cent in property development five years ago, to a diversified, balanced portfolio today, with nearly 60 per cent of assets outside Singapore, and over 80 per cent of assets in recurring income sources."
This strategy will enable the group to remain resilient amid market and geopolitical uncertainty, and over shortened real estate cycles, he added.
The group's net debt-to-equity ratio rose to 70.6 per cent as of Sept 30 from 64.4 per cent previously.