Frasers Centrepoint registers net profit growth of 79% in Q2

SINGAPORE - Net profit for international real estate company Frasers Centrepoint (FCL) has shot up 79 per cent in its second quarter ended March 31.

Although revenue remained flat at $442 million compared to the same period last year, net profit rose from $70 million in 2014 to $143 million in the second quarter of this year.

The interim dividend per share is 2.4 cents, while net asset value per share of the group is at $2.20.

Contributions by Australand, a wholly owned subsidiary of FCL and an Australian property group, and the acquisition of six hotels by Frasers Centrepoint Trust boosted the group's revenue.

However, this was negated by lower contributions from developments in Frasers Property Australia and the United Kingdom.

Mr Lim Ee Seng, group chief executive officer of FCL, said: "FCL's performance in the first half of fiscal year 2014-2015 demonstrates the benefits of our acquisition of Australand and reflects our strategy of increasing recurring income."

One of the group’s most recent developments in Singapore includes the 920-unit North Park Residences.

"We will continue to strike a sensible balance between development property income and recurring income as we execute our growth strategies," said Mr Lim.