Singapore’s one of the main real estate developer Frasers Centrepoint Limited registered a 15.1 percent to S$154 million drop of net profit for the third quarter ended last 30 June, while its revenue down 32.5% to S$682.1 million.
FCL group attributed the slumped to lower contributions from projects in China, Australia and Singapore. However, the group notably relieved by the recognition of profits from its executive condominium project Twin Fountains EC following its completion.
The results of this quarter continued to attest to the importance of FCL’s goal to achieve continuous earnings by increasing income from overseas and recurring sources, Frasers Centrepoint Limited (FCL) Group CEO Lim Ee Seng stated.
For a nine-month basis, Frasers Centrepoint registered a 26.5% fell in net profit to S$375.9 million, and its revenue dropped 10.8% to S$2.251 billion.
Moving forward, FCL announced that Singapore will remain to be its home market, even though Singapore is facing certain headwinds in residential market.
FCL group recently launched its executive condominium (EC) project in Singapore, the 620 units Parc Life EC in Sembawang Avenue, and also working towards in launching its private condominium project located at Siglap Road in 2017.