Frasers Property expects ‘significant’ drop in H1 earnings on fair value losses, impairment
FRASERS Property is expecting to report a “significant decrease” in net profit for the first half of its current fiscal year ended Mar 31 compared with the corresponding prior year period, the company said in a filing to the bourse on Tuesday (Apr 9).
The company added that it is currently reviewing the valuations and assessing the carrying values of its portfolio of properties as at end-March.
Based on preliminary results, Frasers Property said it expects to record fair value losses and impairment, chiefly on certain commercial properties in the UK.
These losses and impairment are non-cash in nature, the group said, and came about mainly due to “weaker market sentiments”.
Frasers Property said it will announce its unaudited H1 financial results after trading hours on May 10.
Shares of Frasers Property : TQ5 0% rose 0.6 per cent or S$0.005 to end Tuesday at S$0.85, prior to the profit guidance announcement.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Disney has dramatically cut traditional TV spending, CEO says
IBM to add 800 AI-related jobs in Ireland
Uber unveils US shuttle service, expands Costco tie-up to woo price-conscious users
Grab’s Q1 loss narrows to US$115 million; raises adjusted Ebitda target
Gold prices edge higher as US dollar, yields soften
Singapore shares advance after global indices hit all-time highs; STI up 0.5% at Thursday’s open