Corporate digest

Singapore Land Group

REAL estate developer Singapore Land Group swung back into the black with a net profit of S$92.2 million in the first half of 2021, reversing from a net loss of S$34.3 million in the same period last year.

This came despite a 13 per cent drop in revenue from S$335.4 million last year to S$292.3 million, thanks to a fall in residential property sales, hotel operations and technology operations.

In the six months ended June 30, the group, formerly known as United Industrial Corp, booked a S$2.6 million fair value gain on investment properties (net of non-controlling interests), reversing from a fair value loss of S$117.8 million in the same period last year.

Earnings per share, after accounting for fair value gains and losses was 6.4 Singapore cents, reversing from a loss per share of 2.4 cents in the year before.

Singapore Land shares closed flat at 27.5 Singapore cents on Friday.

Frasers Property

FRASERS Property reported lower revenue per average room (RevPAR) across its global hospitality portfolio from the start of the financial year to end-June, the manager said in a third-quarter business update on Friday.

It noted that RevPAR fell most significantly for its Europe portfolio, dropping 44.1 per cent from S$99.7 million in 2020 to S$55.7 million. RevPAR for properties on the other side of the world slipped downwards too.

For North Asia, RevPAR dipped 22.9 per cent to S$55.9 million. Meanwhile, other parts of the Asia-Pacific had a RevPAR of S$101.1 million, down 22.4 per cent from a year earlier.

Frasers Property registered a lower average occupancy rate (AOR) in North Asia and Europe, where it fell 9.9 and 23.4 percentage points respectively. However, its portfolio in the Asia-Pacific apart from North Asia had a 4.6 percentage point uptick in AOR.

Recovery will hinge on vaccination progress, said the manager, adding that the group will "remain focused" on effectively managing operational challenges amid prolonged uncertainties.

Total debt excluding real estate investment trusts (Reits) was S$12.5 billion, with an average debt maturity of 2.4 years as at June 30. Net debt as at June 30 stood at S$14.4 billion, while net debt to equity ratio was 80.8 per cent. Frasers Property shares closed at S$1.13 on Friday, up one Singapore cent or 0.89 per cent.