Frasers Property Limited (FPL) lifted second-quarter net profit to $124.09 million, a rise of 74.2 per cent from the same period last year.

The group, formerly known as Frasers Centrepoint, racked up revenue of $841.74 million for the three months to March 31, up 19.3 per cent. The turnover increase was mainly due to contributions from Singapore residential developments, profit recognition from projects in China and Australia following sales settlements, as well as the maiden contributions from Geneba Properties in Europe and business parks in Britain.

It reported a rise in revenue for its Singapore residential properties of 17 per cent to $77 million, and an increase in PBIT (profit before interest, fair value change, taxation and exceptional items) of 144 per cent to $18 million.

This was driven by higher progressive profit recognition of North Park Residences and maiden profit recognition from Seaside Residences.

Revenue for its Singapore commercial properties rose 9 per cent to $116 million, mainly due to commencing operations at the newly completed south wing of Northpoint City as well as the completion of the arenovations at the mall's north wing.

Before fair value change and exceptional items, profit came in at $124.25 million, an increase of 74.5 per cent.

Earnings per share rose from 1.36 cents last year to 3.17 cents while net asset value per share was $2.42, down from $2.46 as at Sept 30 last year. Revenue for the six months was $1.58 billion, a fall of 5.7 per cent on the $1.68 billion recorded last year, while net profit was $200.1 million, down 22.3 per cent.

"Enlarging our recurring income base remains a key pillar of our strategy for achieving sustainable growth in view of the inherent lumpiness of development income," said group chief executive Panote Sirivadhanabhakdi.

"The agreement with Frasers Logistics & Industrial Trust to acquire 21 of our European stabilised assets further grows and diversifies our Reit platform while the properties remain under the management of our team in Europe.

"This model of actively deploying and recycling capital is a core strategy for Frasers Property that enables us to optimise capital productivity."

The group will maintain efforts to replenish its Singapore and Australia landbanks in a "measured" fashion, it said.

It declared an interim dividend of 2.4 cents a share, the same as the previous corresponding period.

FPL shares closed up two cents to $1.95 yesterday before the results were announced.

Correction report: This story has been edited for clarity.