Frasers Property H1 profit rises 147.6% to S$142.2 million on tax reversal; revenue rises 2.7%

[SINGAPORE] Frasers Property posted a 147.6 per cent jump in net profit to S$142.2 million for the first half ended Mar 31, 2025, from S$57.4 million in the year-ago period.

The surge was largely due to a net tax credit of S$6.1 million, reversing a tax expense of S$117.5 million in the prior year, the real estate developer said in a bourse filing on Friday (May 9). The group attributed the credit to the reversal of tax provisions subsequent to finalisation.

However, profit before tax and exceptional items fell 13.5 per cent to S$286 million, from S$330.5 million a year ago, weighed down by net interest expense climbing 14 per cent to S$281.5 million during the half.

Revenue rose 2.7 per cent to S$1.6 billion, with Singapore residential properties such as Sky Eden@Bedok and The Orie drawing strong sales. Driven by better residential contributions from the company’s Singapore portfolio and the absence of an impairment recorded in H1 2024, profit before interest and taxes rose 3.8 per cent to S$599.3 million in the first half of 2025.

Group chief executive Panote Sirivadhanabhakdi said that the company remains “vigilant and proactive” amid global uncertainties.

“We are confident Frasers Property is well-positioned to navigate these challenges,” he said. “We will stay focused on strengthening our balance sheet, improving risk-adjusted returns and ensuring our operating model remains agile and fit for purpose.”

In view of macroeconomic slowdowns, the group said it would increase developments in resilient sectors such as residential as well as industrial and logistics sectors, while building stable income from its investment properties.

In April, Frasers Property said it had placed into a joint venture eight industrial and logistics assets in Australia.

The group’s net debt to property assets ratio rose to 44 per cent from 42.1 per cent in the previous half, while its net debt to equity ratio climbed to 88.5 per cent, from 83.4 per cent. The increase in net debt was attributed to capital expenditure and the acquisition of an industrial property in Singapore by one of the group’s Reits.

No interim dividend was declared for the period.

Shares of Frasers Property were trading down S$0.01 or 1.2 per cent to S$0.80 on Friday at 11 am.