Frasers Centrepoint's net profit plunged 47.2% to $98.7m in Q1

Due to lower profits from domestic projects.

Frasers Centrepoint reported that its attributable profit dropped by 47.2% year-on-year to $98.7 million in the first quarter, while its revenue slipped 37.4% to $671.6 million.

The group's financial performance was impacted by lower development profit from its Singapore projects, most of which were completed and substantially sold last year. Last year's results were also boosted by a "significant level" of settlements and completions in Australia and China, the group said.

Property development profits dropped 70% to $47 million, while profits from commercial properties rose 16% to $83 million. Profits from its hospitality segment rose 59% on back of several hotel acquisitions.

Its operations in Australia booked a 54% decline in profits on back of timing differences in project completions.