Frasers Property reverses losses with H2 net profit of S$148.9 million 

FRASERS Property posted a net profit of S$148.9 million for the second half of its financial year ended Sep 30, reversing losses of S$52.6 million in the same period the prior year.

This came as revenue for H2 FY2024 stood at S$2.7 billion, up 33.2 per cent from S$2 billion the previous year, it said on Wednesday (Nov 13). 

The company attributed its improved performance to contributions from residential projects in Singapore and China and its share of fair-value gains from a joint venture’s industrial and logistics properties in Australia.

The group’s H2 fair-value losses in relation to investment properties held by its subsidiaries decreased 55 per cent to S$198.5 million from the S$441.8 million it logged for the same period of the previous year. 

The net losses came from its commercial properties in the UK and Australia and were offset by fair-value gains from its properties in Singapore, as well as its industrial and logistics properties in Australia and Europe. 

Its earnings per share for the half-year period stood at S$0.033, compared to its loss per share of S$0.019 previously.  

For the full year, Frasers Property’s net profit rose 19.2 per cent to S$206.3 million from S$173.1 million in the corresponding period of the previous year. 

Revenue for the full year stood at S$4.2 billion, up 6.8 per cent from S$3.9 billion for FY2023. 

The board proposed a first and final dividend of S$0.045 per share, unchanged from the year before. This is subject to shareholders’ approval at the next annual general meeting. 

Shares of Frasers Property closed flat at S$0.885 on Tuesday.