SINGAPORE (Aug 8): Frasers Property, the real estate group formerly known as Frasers Centrepoint, reported 3Q earnings of $198.1 million, up 8.6% from a year ago.
Revenue fell 2.7% to $1.36 billion, boosted by maiden contributions from the industrial and logistics parks in continental Europe and the business parks in the UK.
Singapore residential properties reported higher revenue and PBIT of $562 million and $82 million respectively, compared to the corresponding quarter last year.
The higher revenue and PBIT were largely due to profit recognition on the settlements of Parc Life Executive Condominium and progressive development profit recognition from Seaside Residences.
Frasers’ Australian business unit reported revenue and PBIT decreased by 58% and 56% to $288 million and $71 million respectively.
The decrease was mainly due to the absence of contributions from the sale and settlements of two student accommodation components at Central Park, New South Wales, in the same quarter last year.
Revenue and PBIT for its hospitality business unit remained fairly constant at $198 million and $33 million respectively.
As for Europe and the rest of Asia, revenue decreased by 29% to $195 million while PBIT increased by 14% to $100 million on the back of significant profit contributions recognised on sales settlements of Phase 3B of Baitang One, Suzhou and Phase 4 of the Chengdu Logistics Hub in China, as well as maiden contributions from the logistics and industrial parks in continental Europe and the business parks in the UK.
Looking ahead, Frasers Property says it will continue 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.
Shares in Frasers Property closed at $1.70 on Wednesday.
