Frasers Centrepoint Q2 net profit doubles on fair value change

FRASERS Centrepoint has posted 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 change.

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.

Fair value change jumped to S$43.66 million from S$4.66 million in the same year-ago period. The Q2 FY2015 fair value change includes a revaluation gain recognised upon the acquisition of the remaining 50 per cent interest in Capri by Fraser Changi City. There were only S$29,000 in exceptional items in the latest period, compared with negative S$41.78 million in the same year-ago period.

Revenue dipped 0.5 per cent to S$441.65 million.

For the first half, Frasers Centrepoint's net profit rose 72.9 per cent to S$329.92 million. Revenue was up 52 per cent to S$1.51 billion.

Shareholders will receive an interim dividend of 2.4 cents per share, the same as in the previous corresponding period.