SINGAPORE (May 10): Frasers Centrepoint's (FCL) earnings slid 13.8% to $123.3 million in the second quarter ended March 31, 2016, from $143 million a year ago.

The poorer bottom line stemmed mainly from FCL's share of fair value losses of joint ventures and associates.

Revenue more than doubled to $897.9 million from $441.6 million previously.

The improved top line came mainly on maiden profit recognition from the completion of the Twin Fountains executive condominium project and progressive development profits from the North Park Residences private condominium project here.

FCL declared an interim dividend of 2.4 cents per share.

FCL expects transaction volumes in property development to remain low and to continue declining amid slowing economic growth and the effects of property cooling measures.

On the commercial front, FCL says rising average household income and low employment will continue to support non-discretionary expenditure in the local retail market.
In addition, vacancy levels are expected to rise in the office market here as major developments are completed, while the outlook for the hospitality market is soft due to economic uncertainties and the oncoming supply of 4,000 additional hotel rooms.

Shares of FCL ended 2.1% higher at $1.68 on Monday.