Frasers Property H1 profit falls 37.8% to S$88.4 million on impairment loss

[SINGAPORE] Frasers Property posted a 37.8 per cent drop in net profit to S$88.4 million for its first half ended Mar 31, from S$142.2 million in the previous corresponding period.

This was mainly due to a S$38.2 million impairment on an investment in Thailand, the real estate group said on Friday (May 8).

It noted that excluding a one-off tax provisions reversal in the previous year, attributable profit would have risen 77 per cent year on year.

Earnings per share stood at S$0.02 for the half year, down from S$0.035 the previous year.

Revenue for the half year fell 5.2 per cent to S$1.51 billion, from S$1.59 billion previously.

This was largely due to the absence of contributions from its Sky Eden@Bedok residential project in Singapore, which obtained its temporary occupation permit in September, the group said.

The revenue decline was partially offset by higher contributions from its Singapore retail portfolio, following the acquisition of a full interest in Northpoint City South Wing in May 2025.

No interim dividend was declared for the half year, unchanged from the year before. The board of directors have also decided not to declare interim dividends in view of the “uncertain business environment”.

Panote Sirivadhanabhakdi, group CEO of Frasers Property, said: “We remain firmly on strategy, with continued focus on delivery amid the uncertain operating environment.”

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In a separate announcement on Friday, the group said it sold a UK business park for £5 million (S$8.6 million) as part of its capital recycling.

The divestment of Aviemore Chineham Park Unit Trust, which held the business park, included the buyers procuring repayment by the trust of S$144.9 million in intra-group debt.

Additionally, Frasers Property completed the A$30 million (S$25.5 million) divestment of its entire interest in real utilities in Australia on Oct 31, 2025.

Shares of Frasers Property closed unchanged at S$1.14 on Thursday.