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Frasers Centrepoint Limited’s revenue for the full year ended 30 September 2016 (FY2015/2016) fell 3.4 percent year-on-year to S$3.440 billion while profit before interest and taxes (PBIT) dropped 15.1 percent year-on-year to S$938 million.
The group attributed the decrease to lower contributions from its Singapore and Australia strategic business units (SBUs), which was cushioned by profit recognition from Frasers Property Australia’s Commercial and Industrial division.
Excluding the impairment losses, PBIT would have dropped by two percent to S$265 million.
Attributable profit before fair value change and exceptional items (APBFE) as well as fair value gain declined by 11.8 percent and 51.6 percent to S$480 million and S$106 million, respectively.
With this, attributable profit fell 23 percent year-on-year to S$597 million in FY2015/2016.
FCL revealed that its hospitality business benefited from a full year’s result contribution from newly acquired properties, the Malmaison Hotel du Vin group in the UK. The share of profits from a newly acquired associate in Thailand also formed an additional stream of income to the group’s international business.
Given this, FCL’s board proposed a final dividend of 6.2 Singapore cents per share to be paid on 16 February 2017. This brings the proposed total dividend for FY2015/2016 to 8.6 Singapore cents per share – similar to the total dividend registered for the last two years.
Looking ahead, the group plans to grow its business and asset portfolio in a prudent manner, with emphasis on recurring income and overseas earnings contribution.
“The group will also maintain its constant efforts in evaluating opportunities to unlock value in its portfolio via asset enhancement or repositioning, as well as through injection of stabilised assets into its REITs,” said FCL.
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