Frasers Centrepoint's net profit down 42.2% to $71.2m

Due to the absence of the contribution from Twin Fountains EC in Singapore.

Frasers Centrepoint Limited reported lower revenues and earnings for the past quarter, down 21.4% and 42.2%, respectively.

The group achieved $705.8m revenues and $71.2m profit, compared to last year's revenue of $897.9m and attributable profit of $123.3m.

"The lower revenue and PBIT compared to the same period last year were primarily due to the absence of the contribution from the Twin Fountains executive condominium in Singapore, which was completed in the corresponding period last year," the group noted.

Here's more from the group:

On a half year basis, revenue climbed 7% year-on-year (“y-o-y”) to S$1,677 million and PBIT rose 17% y-o-y to S$510 million in 1H FY17.

The increases were underpinned by a higher level of settlement of
residential projects in Australia compared to last year, as well as earnings recognition from the completion of Phase 3C1 of Baitang One Suzhou, China.

In line with the improved performance, 1H FY17 APBFE and attributable profit grew 26% and 17% y-o-y to S$253 million and S$259 million, respectively.

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