FCL's Q1 profit hit by timing of project completions

Singapore

FRASERS Centrepoint Ltd (FCL) has posted a 47.2 per cent drop in net profit for the first quarter ended Dec 31, 2015, to S$98.65 million. Revenue slipped 37.3 per cent to S$671.63 million. Profit before interest, taxation, fair-value change and exceptional items (PBIT) fell 24.4 per cent to S$210.99 million.

The property and hospitality group attributed the lower financial performance for Q1 FY2016 partly to timing differences in completions of residential property development projects; there was a significant level of settlements and completions in the year-ago quarter in Australia and China. Also impacting performance was the tapering-off in development profit from Singapore residential projects that were completed and substantially sold last year.