FCL's Q1 net profit dips 7% to $121m

PROPERTY conglomerate Fraser Centrepoint Ltd's (FCL) first set of quarterly earnings after its recent split from Fraser and Neave (F&N) is likely to place it in the league of large-cap real estate plays such as Keppel Land and United Overseas Land.

The group's core trading profits for the first quarter ended Dec 31, 2013, surged 75.6 per cent to $165.1 million as revenue jumped 87 per cent to $631.6 million.

Pre-tax profit was up 61.6 per cent at $176 million, although net profit was down 7 per cent at $121 million largely due to the absence of revaluation and exceptional gains seen in the previous year. Excluding the revaluation and exceptional gains, attributable net profit was up 67 per cent at $119 million.