Frasers Centrepoint reports 79% leap in Q1 net profit

FRASERS Centrepoint Limited (FCL) has reported a 79 per cent jump in first-quarter net profit, on the back of a 45 per cent climb in revenue.

The real estate company said on Thursday that this was fuelled mainly by higher contributions from its Singapore strategic business unit (SBU) and its International business unit.

FCL said its net profit for the period was up to S$253.3 million for the quarter ended Dec 31, 2016, from S$141.3 million the year before.

Its revenue totalled S$972.0 million for the period, compared to S$672.0 million a year ago.

FCL's CEO, Panote Sirivadhanabhakdi, said: "Our first quarter performance was driven by development profits from the Singapore SBU and international business unit. During this quarter, completions in China boosted contributions from the international business unit. Meanwhile, the Singapore SBU benefitted from the sale of our last remaining bungalow at Holland Park."

Frasers Centrepoint shares finished Thursday 0.5 cents down at S$1.60.