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Frasers Property's Q3 profit ups a notch, anchored by recurring income

FRASERS Property Limited on Wednesday posted an attributable profit of S$198.1 million for the third quarter, up 8.6 per cent from a year ago.

Revenue fell 2.7 per cent to S$1.36 billion, boosted by maiden contributions from the industrial and logistics parks in continental Europe and the business parks in the UK.

Earnings per share was 6.53 Singapore cents after fair value change and exceptional items, up from 6.26 cents a year ago.

No dividend was declared for the period.

Panote Sirivadhanabhakdi, Group CEO of Frasers Property, said: "Our strategy of strengthening our recurring income base continues to feature prominently in our results. During the reporting period, maiden contributions from the group's industrial and logistics parks in Continental Europe and business parks in the United Kingdom helped to anchor operating results and provided stability against the inherent lumpiness of development income."

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Looking ahead, the group will "maintain its efforts to build on its development activities in a measured manner" in its two biggest markets Singapore and Australia. In key markets in Europe and the rest of Asia, the group will continue to explore prospects to "deepen its presence by leveraging its core expertise".

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