Contributions from international markets propped up its performance.
Frasers Centrepoint Limited’s profits are up by 15% YoY to $689.1m in FY17.
According to a press release, the property developer witnessed increased contributions from its international business presence in Australia as well as the completion of residential projects in China and the United Kingdom.
Revenue also grew 17.1% YoY to $4.03m thanks to FCL’s scaled-up presence in international markets.
FCL remains on an upward momentum in both Singapore and international markets as it reports that more than 500 units at private condominium development Seaside Residences have been sold since its launch last April and 2234 units for its Australia branch in FY17.
Last year, FCL acquired 40.95% stake in Thailand-based TICON Industrial Connection Public Company Limited. FCL also entered into a joint venture with TCC Assets (Thailand) Co., Ltd. to develop a private sector property development initiative with an estimated value of over US3.5b.
“Leveraging the core competencies from our Singapore and Australia markets, the Group made a series of acquisitions this past year, deepening our presence in Europe and Thailand, while ramping up our industrial and logistics capabilities to create a ‘network effect’ and grow alongside our customers,” said CEO Panote Sirivadhanabhakdi.
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