Frasers Centrepoint's net profit jumps 18.4% to $182.4m

Thanks to the group's business in Australia.

Frasers Centrepoint recorded a strong set of results in the past quarter ending in June.

According to the group, it managed to record an 18.4% growth in net profit to $182.4m, driven mainly by the group's Australia strategic business unit and International Business unit.

On a nine-month basis, revenue and profit before interest and tax climbed 37% and 44% to $3.08m and $867m, respectively. These were underpinned by the recognition of contributions on completion of Phase 3C1 of the Group’s Baitang One residential development in Suzhou, China; Phase 3B of Gemdale Megacity mixed-use development in Songjiang, China, as well as settlements at various residential projects and disposal of the student accommodations assets in Australia.

Looking ahead, FCL said it will remain focused on growing its portfolio in a balanced manner across geographies and asset classes.

Additionally, the group said it constantly looks at opportunities to optimise capital productivity and unlock value from its portfolio of investment properties via asset enhancement or injection of stabilised assets into its real estate investment trusts.

In Singapore, Frasers Centrepoint has been focused on the leasing and upcoming soft opening of Northpoint City (Retail) in the fourth quarter of calendar 2017.

Northpoint City (Retail) is on track to having close to 90% of its retail space leased when it opens at the end of the year. On the residential front, with sales of over 700 units year-to-date, the Group will also selectively tender for sites to replenish its land bank.