Frasers Property profits up 68.2% to $333.93m in Q3

Its recurring income from rents has boosted its profits.

Frasers Property saw its profits climb 68.2% YoY to $333.93m in Q3 from $198.56m in 2018, despite the 53.1% YoY plunge in revenue to $638.81m from $1.36b.

The revenue decline was mainly attributable to the timing of sales and settlements of development projects in Australia, Singapore and China. These also dragged on the company’s profit before interest, fair value change, taxation and exceptional items (PBIT) by 25% to $269m over the same period. Recurring income sources have boosted its profits and offset the decline in revenue.

Revenue and PBIT of Frasers’ Singapore operations declined by $547m and $12m to $133m and $147m, respectively. Revenue and PBIT from Singapore residential properties went down to $2m and $10m, due to fewer settlements in Parc Life Executive Condominium and the absence of profit contributions from North Park Residences following its achievement of temporary occupation permit (TOP) in October 2018.

On the other hand, revenue and PBIT of commercial properties in Singapore rose by $12m and $58m to $131m and $139m, respectively. These increases were mainly attributed to maiden contributions from the newly acquired PGIM Real Estate AsiaRetail Fund Limited (PGIM ARF), full quarter’s contributions from Frasers Tower and higher occupancies at the south wing of Northpoint City.

In Australia, Frasers Property recorded revenue and PBIT declines of 29% and 47% to $204m and $38m, respectively, no thanks to the lumpiness of revenue and profit recognition of residential development projects. This was countered by higher revenues and PBIT from Frasers Logistics and Industrial Trust of $57m and $38m.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia