08 Aug '16, 8am

Frasers Centrepoint's Q3 profit down #SingaporeProperty #RealEstate

FRASERS Centrepoint (FCL) on Friday posted a 62.4 per cent drop in its attributable profit to S$68.2 million (before fair value change and exceptional items) for its third quarter ended June 30, 2016. After fair value change and exceptional items, net profit still fell - but a milder 15.1 per cent drop to S$154 million, while revenue fell 32.5 per cent to S$682.1 million. The real estate developer said that its performance was mainly due to lower profits from the group's development portfolio in Singapore, Australia and China. The decline was mitigated by profits from the completion of Twin Fountains executive condominium, new streams of income from the Malmaison Hotel du Vin group of 29 hotels bought in June 2015, and share of profits from a newly acquired associate in Thailand.

Full article: http://www.srx.com.sg/singapore-property-news/22352/frase...

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