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Strong new income streams from Australand, FHT boost FCL's profit

Singapore

FRASERS Centrepoint Ltd (FCL) has reaped the first fruits of its strategic initiatives last year, marking a 55 per cent jump in its net profit for the fiscal first quarter ended Dec 31, 2014 to S$186.9 million. This came on the back of new income streams from the listing of a hospitality trust last July and the acquisition of Australand in August.

Group revenue almost doubled to S$1.07 billion during the quarter from S$552.1 million in the year-ago period.

FCL chief executive Lim Ee Seng noted...

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