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Frasers Property Q1 net profit jumps 76%

FRASERS Property posted a 76.1 per cent increase in its first quarter profit to S$145.6 million, boosted by sales of residential development projects in Australia and China, as well as an enlarged base of recurring income assets.

Revenue stood at S$1.08 billion for the three months ended Dec 31, 2018 - 44.7 per cent higher than the S$748.6 million a year ago.

The increase in revenue was largely attributable to the sales and settlements of development projects in Australia and China. Revenue in the first quarter was further boosted by contributions from business parks in the United Kingdom, as well as maiden contributions from Frasers Tower office building and the south wing of Northpoint City shopping mall in Singapore.

Earnings per share was 4.74 Singapore cents, up from 2.83 cents a year ago.

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Net asset value was S$2.56 as at Dec 31, compared to S$2.56 (restated) as at Sep 30.

No dividend was declared.

Frasers Property group chief executive officer Panote Sirivadhanabhakdi commented: "We continued to reap the benefits of having a balanced portfolio of development projects and investment properties this quarter... Over the course of the coming year, we will be working on new residential property launches in Singapore and Australia, as well as enhancing the operating performance of the group's investment properties through asset value creation and enhancement. Strengthening our network of platforms remains a key focus as well."