COMMERCIAL PROPERTY | Staff Reporter, Singapore

Frasers Property Limited's profit fell 46% to $136.77m in Q1

This was dragged by the 23.8% decline in revenue.

Frasers Property Limited reported that its profit went down by 46% YoY from $253.32m to $136.77 in 1Q2018.

Its revenue also declined by 23.8% to $740.03m, from $971.67m in the same quarter of the previous year.

Revenue from its Singapore strategic business unit (SBU) decreased by 4% to $207m, which was caused by lower level of completions and settlements of wholly-owned residential projects for the quarter.

Its Europe and Asia SBUs also fell by 80% to $69m. This was due to the absence of significant sales and settlements of development projects in China, but was partially offset by contributions from Geneba Properties N.V., and from the new acquisitions of four properties in the UK.

Further, for its Hospitality SBU, revenue increased by 2% to $211m, which was highly due to Capri by Fraser, Berlin’s revenue, as well as Fraser’s Hospitality Trust’s Novotel Melbourne’s full quarter revenue.

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