12 August 2014

Frasers Centrepoint Limited 3Q FY 2014 Result

Frasers Centrepoint Limited (FCL) announced its 3Q FY 2014 revenue and Profit Before Interest and Tax (PBIT) jumped 41% and 56% from the previous corresponding 3Q FY 2013 to S$575.4 million and S$160.3 million respectively. The strong growth was driven by revenue recognition from overseas markets as a result of project completions in China, sale of completed units in Australia and the United Kingdom during the quarter as well as proceeds from the sale of Changi City Point to Frasers Centrepoint Trust (FCT) as the Group continued to execute on its REIT strategy. FCL’s strong operational performance in 3Q FY 2014 was partially offset by the absence of fair value gain on investment properties that were recorded in the corresponding period last year. The fair value gains arose from an additional valuation exercise taken as at 30 June 2013 in connection to the Group’s listing; the Group would otherwise normally revalue its investment properties at the end of each financial year. Consequently, attributable profit for the quarter was S$109.2 million, down 60% year-on-year. Excluding fair value change and exceptional items, the Group’s attributable profit for 3Q FY 2014 would have surged by 77%, from S$67.7 million a year ago to S$120 million.

FCL achieved strong operating results in the first nine months of the financial year. This was on the back of strong contributions from the overseas markets, as well as from the execution of their REIT strategy. Delivering value to shareholders and growing core earnings through the disciplined execution of their growth strategies remains their focus. They undertook several key corporate actions that enabled the Group to optimise capital productivity and strengthen their income base, as well as diversify their earnings across markets and increase recurring income. They will continue to
execute on their growth strategies to position the Group for long-term sustainable growth.

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