SINGAPORE - Frasers Centrepoint reported a 43 per cent jump in third quarter net profit to $181.4 million.
Revenue for the three months to June 30 soared 157 per cent to $1.01 billion.
The higher in come and revenue were fuelled primarily by project completions of Twin Waterfalls executive condominium in Singapore and Gemdale Megacity Phase 2A in China during the quarter.
New streams of income contributions from the acquisition of Australand Property Group and the six hotels acquired by Frasers Hospitality Trust from the TCC Group also boosted Frasers Centrepoint's financial performance.
"With the addition of the Malmaison and Hotel du Vin group of boutique hotels to our hospitality portfolio in June 2015, our hospitality division is well-positioned to improve its contribution to FCL's performance moving forward," said Frasers Centrepoint group chief executive Lim Ee Seng.
Earnings per share swelled to 5.71 cents from 4.39 cents previously while net asset value per share eased to $2.20 from $2.22 as at Sept 30.
Looking ahead, Fraser Centrepoint said it would seek opportunities to unlock value in its portfolio via asset enhancement or repositioning efforts, as well as possible injection of stabilised assets into its real estate investment trusts (Reits).
In the development property space, it achieved strong sales at its latest residential development in Singapore, North Park Residences, which is part of Yishun's integrated development Northpoint City.
As at July 31, more than 570 units have been sold, representing over 80 per cent of launched units and over 60 per cent of the total units available.
On the commercial front, asset enhancement initiative works at The Centrepoint began in May and will complete by end of 2016.
The construction of Waterway Point is expected to be on-schedule for completion within this year.
With no additional large office developments scheduled to complete this year, the vacancy levels at offices in Singapore are expected to remain relatively stable over the next six months.