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Frasers Centrepoint reports 15.4% rise in FY17 earnings to $689 mil on fair value gain

By PC Lee

/ The Edge Singapore |

November 10, 2017 10:47 AM SGT

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SINGAPORE (Nov 10): Frasers Centrepoint reported a 15.4% increase in FY17 earnings to $689.1 million from a year ago, mainly due to a $215 million fair value gain on investment properties.

The property group has proposed 6.2 cents final dividend to be paid on Feb 14.

Attributable profit before fair value change and exceptional items climbed 2% y-o-y to $488 million. Attributable profit came in higher at $689 million.

Revenue and PBIT rose 17% and 16% y-o-y to $4 billion and $1.1 billion, respectively, in FY17, on the back of increased contributions from the group’s Australia and International businesses.

The Australian business was underpinned by a greater number of completions and settlements y-o-y for residential projects, and the sale of two student accommodation buildings at the Central Park development in Sydney. The group also benefitted from recognition of contributions from completion of residential projects in China and the United Kingdom (UK).

Over the course of the year, Frasers Centrepoint scaled up its presence in international markets, primarily in Thailand and Europe, and grew its recurring and overseas income sources.

Looking ahead, Frasers Centrepoint says it will continue to focus on growing its portfolio in a balanced and sustainable manner across geographies and asset classes. The group will also look at opportunities to optimise capital productivity and unlock value from its portfolio of investment properties via asset enhancement and repositioning initiatives, as well as the injection of stabilised assets into its real estate investment trusts.

This story, written by PC Lee, first appeared on The Edge Singapore.

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