Frasers Property reports 76% rise in 1Q earnings to $146 mil

By PC Lee
/ The Edge Singapore |
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SINGAPORE (Feb 12): Frasers Property reported a 76.1% rise in 1Q earnings to $145.6 million compared to $82.7 million a year ago.
Group CEO Panote Sirivadhanabhakdi said the bottomline was boosted by sales and settlements of the group’s residential development projects in Australia and China, as well as an enlarged base of recurring income assets following its acquisition of six business parks in the United Kingdom last year. In addition, maiden contributions from its Frasers Tower office building and the south wing of the Northpoint City shopping mall in Singapore also gave results a lift.
Revenue grew 44.7% to $1.08 billion while PBIT rose 50.7% to $354.4 million from a year ago. Singapore residential properties reported lower revenue and PBIT by $29 million and $17 million to $117 million and $14 million, respectively. The decline was mainly due to lower progressive profit recognition from North Park Residences for the period under review.
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