Frasers Centrepoint Ltd's Q2 profit hit by fair value losses

Singapore

FRASERS Centrepoint Limited (FCL) posted a 13.8 per cent decline in net profit for the second quarter ended March 31, 2016, to S$123.3 million, due mainly to its share of fair value losses of joint ventures and associates compared to a fair value gain in the year-ago period.

Group CEO Lim Ee Seng noted that FCL's growing base of recurring income - which made up 69 per cent of operating profits from 59 per cent a year ago - underpinned its performance amid a tapering of development projects in Singapore and lower development contributions from Australia and China due to the completion schedule.

With the concentration of completions in Australia and China development business in the fisc…