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."
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".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife directors offer differing views on future oversight if board is rejigged
Tesla lays off more staff in software, service teams, Electrek reports
Robinhood Crypto gets Wells notice from US SEC
Morgan Stanley strategists see inflation as key for path of US stocks
US: Wall Street opens higher as rate-cut hopes linger
Tyson raises outlook as lower costs boost chicken segment