Frasers Property enjoys 74.2% surge in Q2 profit

Singapore

CONTRIBUTIONS from overseas acquisitions and development profits in Singapore fuelled a 74.2 per cent surge in net profit for Frasers Property Limited (FPL) to S$124.1 million in the second-quarter ended March 31.

Revenue for the quarter rose 19.3 per cent to S$841.7 million, thanks largely to revenue recognition on sales settlements in China and Australia as well as maiden contributions from business parks in the UK.

The group said that while it remains keen to expand its business in Europe and the UK, it is still on the look-out to acquire development sites in Singapore, where it is slated to launch a 500-unit project at Jiak Kim early next year.

FPL is also eyeing more capital recycling opportunities, following its recent announcement in April to sell a portfolio of 17 properties in Germany and four properties in Netherlands, valued at S$984.4 million, to Fraser…