Frasers Property has reported revenue of $3.8 billion for the year ended Sept 30, up 4.6% y-o-y.
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However, earnings for the same period surged 343% to $833.1 million from $188.1 million last year, thanks mainly to revaluation gains on its industrial and logistics assets, which has become a bigger proportion of its total property portfolio.
Its hospitality business, meanwhile, remains affected by the pandemic, although it is seeing “green shoots,” says group CEO Panote Sirivadhanabhakdi.
He warns that prolonged uncertainties around global economic activity will likely persist.
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The company will actively assess opportunities for enlarging its development base and unlocking value where feasible.
The company plans to pay a first and final dividend of two cents per share, up from 1.5 cents last year.