FCL’s Q2 profits plunge 13.8% to $123m

Joint ventures, associates posted fair value losses.

Hit by fair value losses of joint ventures and associates in 2QFY16, Frasers Centrepoint Limited’s (FCL) attributable profit for the second quarter of FY16 sank 13.8% YoY to $123m.

According to the company’s news release, revenue skyrocketed 103% YoY to $898m in Q2. This is thanks to maiden profit recognition from the completion of the Twin Fountains executive condominium project in Singapore.

Earnings from the completion and settlement of the Riverside Quarter Block 5C residential project as well as the new income stream from the Malmaison Hotel du Vin group in the UK also boosted revenue.

On the flip side, these gains were mitigated by weak contributions from FCL’s development portfolio in China and Australia, as well as the absence of an exceptional profit from the sale of Crosspoint Mall in Beijing in 2QFY15.

Profit before interest and tax (PBIT) for FCL’s development properties segment grew by $41m YoY to $119m during the quarter. Commercial segment’s PBIT, however, tumbled 7% to $70m. FCL’s hospitality segment also posted a decline in PBIT, tumbling 19% to $22m on back of forex movements impacting Australia and China contributions.

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