Frasers Property Limited braces for profit dip, points to UK property woes

It expects to record fair value losses and impairment in 1H24.

Frasers Property Limited (FPL) expects a “significant decrease” in its attributable profit for the first half of the financial year 2024 (1H24).

The real estate firm attributed the expected drop to “fair value losses and impairment, primarily on certain commercial properties in the United Kingdom.”

“These losses/impairment are non-cash in nature and arose mainly due to the weaker market sentiments,” the firm said.

FPL will release its unaudited 1H24 financial resources on 10 May.