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FCL Q1 net profit jumps 55% to S$186.87m
FRASERS Centrepoint Ltd (FCL) marked a 55 per cent jump in its net profit for the fiscal first quarter ended Dec 31, 2014 to S$186.87 million as it enjoyed new income streams from the listing of a hospitality trust in July and the acquisition of Australand in August.
Group revenue almost doubled to S$1.07 billion during the first quarter from S$552.12 million in the year-ago period.
Frasers Australand, comprising Australand and Frasers Property Australia (FPA), recorded a 99 per cent year-on-year surge in profit before interest and tax (PBIT) to S$127 million as Australand's residential business received a significant boost from the completion and settlement of the Clemton Park and Discovery Point residential projects.
The listing of Frasers Hospitality Trust (FHT) in July also resulted in a new stream of contributions from the six hotels acquired by FHT from the TCC Group.
Sales of completed China developments added to the increase, partially offset by lower contributions from the tapering-off of sales in developments in FPA and the UK.
FCL said that it would seek to strengthen its income base through the Reit platforms and look at unlocking value in its portfolio through asset enhancement or repositioning efforts, as well as possible injection of stabilised assets into its Reits.
On the development front, FCL will monitor market conditions in Singapore and target to launch North Park Residences within the next few months, the group said. Meanwhile, in China, Phase 3A of Baitang One in Suzhou, as well as Phases 2A and 2B of Gemdale Megacity in Shanghai, are expected to be completed within FY14/15.