Frasers Property posts 9.5% rise in Q1 net profit of S$159.4m

FRASERS Property on Friday saw first-quarter net profit rise 9.5 per cent to S$159.4 million, lifted by improved revenue.

But looking ahead, the group flagged that two key situations - the coronavirus outbreak and the bushfires in Australia - may have some impact on parts of its operations.

It is keeping a watchful eye on both situations which are evolving, Frasers Property said, adding that its immediate priority is to ensure the safety and well-being of customers and staff at its properties.

The group will also continue to put in place "appropriate measures".

Meanwhile, revenue for the quarter ended Dec 31, 2019 was S$1.2 billion, up 8.8 per cent year-on-year.

These gains were largely due to contributions from development projects in China, as well as the step-up acquisition of Golden Land Property Development Public Company in Thailand.

Maiden contributions from PGIM Real Estate AsiaRetail Fund's portfolio of retail assets also helped. Frasers Property last year invested some S$1.4 billion in the fund, raising its stake to roughly 88 per cent.

Some of the gains were partially offset by lower contributions from development projects in Australia, however.

Revenue generated from Australia - its largest segment by geography - slid 39.2 per cent year-on-year to S$314 million.

Overall, earnings per share for the quarter were 4.79 Singapore cents, up from 4.74 cents in the preceding year.

Said Panote Sirivadhanabhakdi, group chief executive: "These results reflect our focus on building scalable business platforms across asset classes and geographies to enhance portfolio resilience."