Frasers Centrepoint Limited (FCL) continues to achieve strong revenue growth in 2Q. Growth driven mainly by contributions from overseas development properties and hospitality segment. The board of director declared an interim dividend of 2.4 cents per share which is payable on 12 Jun 2014. FCL continues to build on established overseas platforms to fuel the Group’s growth.
The Group’s 2Q FY 13/14 revenue and profit before interest and tax (“PBIT”) increased 48% and 32% from the previous corresponding period to S$501 million and S$143.8 million respectively. The increases were largely due to higher development property sales recognised in Australia and the United Kingdom, as well as improved operational performance from the hospitality segment. Inline with FCL’s higher PBIT, attributable profit (before fair value change and exceptional items) grew 44% year-on-year to S$107.1 million. Attributable Profit was down 20% in 2Q FY 13/14 as a result of an extraordinary item of S$41.8 million, which arose from the redemption of related company loans prior to FCL's listing. The one-off cost is the difference between the estimated fair value of the related company loans based on prevailing market interest rates at the time of redemption and the carrying value of the loans. Excluding this one-off cost, 2Q FY 13/14 Attributable Profit would have been up 28%.