Frasers Centrepoint Ltd's Q2 profit hit by fair value losses
Profit falls 13.8% despite growing base of recurring income; analysts see stronger H2
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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.
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