FCL Q2 profit slips 42.2% on lower recognition of development profits

Singapore

FRASERS Centrepoint Limited (FCL) posted a 42.2 per cent decline in net profit to S$71.2 million for the fiscal second quarter ended March 31, amid lower contribution from development projects and an absence of a divestment gain compared to a year ago.

Its revenue came in 21.4 per cent lower than a year ago at S$705.8 million, mainly due to the timing of income recognition from residential projects in Singapore, China and the UK. In particular, the Twin Fountains executive condominium in Singapore was completed in the year-ago period.

For the first-half ended March 31, however, FCL racked up a 16.6 per cent growth in net profit to S$258.8 million and a 6.9 per cent growth in revenue to S$1.68 billion, underp…