Frasers Centrepoint net profit up 54% to S$771m

PROPERTY group Frasers Centrepoint Limited (FCL) has posted a 54 per cent increase in net profit to S$771.27 million for the full year ended Sept 30, 2015.

This was on the back of a 28 per cent year-on-year increase in fair value change to S$220 million, and an exceptional gain of S$7.8 million in the latest financial year compared to an exceptional loss of S$140 million in the previous year.

Revenue rose 61.7 per cent to S$3.56 billion. Profit before interest, taxation, fair value change and exceptional items climbed 44.4 per cent to S$1.1 billion. The growth was fuelled primarily by new income streams from the acquisition of Australand, and also the acquisition of six hotels by FrasersHospitality Trust from the TCC Group. "These were boosted by the sale of Crosspoint mall in Beijing as well as completions of the Twin Waterfalls executive condominium development in Singapore, Phases 2A and 2B of the Gemdale Megacity residential development in Songjiang, China, and Phase 3A of the Baitang One residential development in Suzhou," FCL said in a release on Friday night.

Earnings per share rose to 25.03 cents from 20.38 cents.

Net asset value per share stood at S$2.25 as at Sept 30, 2015, up from S$2.22 as at Sept 30, 2014.

Shareholders will receive a 6.2 cents per share final dividend.

On the stock market, the counter ended 3 cents higher on Friday at S$1.655.

FCL released its results after the stock market closed.