SINGAPORE (May 3): Frasers Property reported 2Q19 earnings of $120.5 million from a year ago, bringing 1H19 earnings to $266 million, 37.2% higher than a year ago.

Revenue for 2Q19 increased 11.1% to $934.3 million while revenue for 1H19 increased 26.9% to $2.0 billion.

PBIT rose 2.5% in 2Q19 to $283.2 million, bringing 1H PBIT 24.7% higher to $637.6 million.

Frasers Property says the increases in revenue and PBIT were mainly attributable to the timing of sales and settlements of development projects in Australia.

In its Singapore business unit, revenue decreased 32% to $134 million while PBIT increased 9% to $97 million. The decrease in revenue was largely due to the absence of revenue contributions from North Park Residences. This was, to some extent, mitigated by revenue contributions from the south wing of Northpoint City and Frasers Tower.

In its Australia business unit, revenue and PBIT grew by 55% and 19% to $482 million and $100 million, respectively. This was largely attributable to sales and settlements from residential projects at Central Park in Chippendale, New South Wales.

Frasers Logistics and Industrial Trust also reported higher revenue and PBIT by $12 million and $10 million to $58 million and $45 million, respectively.

Revenue and PBIT for the Hospitality Business Unit remained fairly constant at $181 million and $21 million, respectively.

The board has declared a 2.4 cents interim dividend per share.

Looking ahead, Frasers Property Singapore is preparing for the upcoming sales launch of Rivière, a 455-unit private condominium development project along the Singapore River.

In 1H19, Frasers Property Australia (FPA) released 498 residential units for sale and plans to release 1,092 more over the rest of the financial year.

In the hospitality space, two more properties – Fraser Suites Hamburg in Germany and Capri by Fraser, China Square in Singapore – are scheduled to be opened by end of the month.

Shares in Frasers Property closed 1 cent lower at $1.85.