SINGAPORE (May 11): Frasers Centrepoint posted a 42.2% slide in 2Q earnings to S$71.2 million (RM220 million) from a year ago on lower sales.

During the quarter, FCL registered revenue and PBIT amounting to S$706 million and S$179 million, respectively. The 21.4% lower revenue and 20.8% lower PBIT compared to the same period last year were mainly due to the absence of contribution from the Twin Fountains executive condominium in Singapore, which was completed in the corresponding period last year.

For its Australia unit, revenue and PBIT increased by 70% and 153% to S$307 million and S$55 million, respectively, due to completions and settlements of residential projects - Hamilton project in Brisbane, Queensland, Clemton Park, Discovery Point, Fairwater and Connor at Central Park projects in Sydney, New South Wales, as well as Parkville project in Melbourne, Victoria, in the quarter.

Revenue and PBIT increased 4% and 51% to S$189 million and S$33 million, respectively. The increase was mainly due to maiden contribution from Frasers Hospitality Trust’s newly acquired Novotel Melbourne on Collins and Maritim Hotel Dresden in Australia and Germany, respectively.

Consequently, attributable profit before fair value change and exceptional items (APBFE) amounted to S$71 million during the reporting quarter.

The board has declared an interim dividend of 2.4 Singapore cents.

Looking ahead, FCL says it will remain focused on growing its portfolio in a balanced manner across geographies and asset classes. In addition, the Group constantly looks at opportunities to optimise capital productivity and unlock value from its portfolio of investment properties via asset enhancement or injection of stabilised assets into its real estate investment trusts.

Shares of FCL closed 1 Singapore cent higher at S$1.86 on Tuesday. — theedgemarkets.com.sg

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