Frasers Property  warns of lower profits for FY23

The company expects fair value losses on a portion of its portfolio of investment properties.

Frasers Property Limited expects a “significant decrease” in its attributable profit for FY23 due to the expected fair value losses on a portion of its portfolio of investment properties, primarily its commercial assets in the UK and industrial and logistics properties in Europe.

In a bourse filing, Frasers Property said the "fair value losses are non-cash in nature and arose mainly due to higher capitalisation rates.”

Whilst expecting lower profits for FY23,  Frasers Property underscored that its overall business performance and core operating earnings have not been significantly impacted compared to the previous financial year.

“The group expects to remain profitable for FY2023,” the company said.