One-off item drags down Frasers Centrepoint's profit

Singapore

FRASERS Centrepoint posted a 19.9 per cent fall in second-quarter net profit, dragged down by a large one-time write-off.

The property firm said net profit for the three months ended March 31, 2014, stood at $70 million, down from $87.4 million booked in the same period a year ago. This translated to earnings of 3.49 cents per share, compared with 18.37 cents per share booked a year ago.