Fair value gain boosts FCL's Q2 net

Singapore

FRASERS Centrepoint Ltd (FCL) has posted a net profit of S$143.05 million for the second quarter ended March 31, 2015, double the S$70.02 million in the same period last year, on the back of a big jump in fair value gain in the latest period and absence of negative exceptional items reported in the same year-ago period.

Attributable profit before fair value change and exceptional items fell 7.3 per cent to S$99.36 million for Q2 FY2015 due chiefly to higher interest and hedging expenses. Net interest expense rose to S$45.96 million from S$7.83 million - due mainly to increased cost of funding the acquisition of Australand and consolidating the borrowing cost of Australand's existing loan facilities.