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 reva…