Frasers Property’s attributable profit nosedives to $173.1m in FY23
In FY22, the company recorded an attributable profit of $928.3m.
Despite a stronger profit before interest and tax (PBIT) of $1.3b (+5.1% YoY) in FY23, Frasers Property ended the year with an 81.3% YoY lower attributable profit.
In FY23, Frasers Property reported an attributable profit of $173.1m, a crash from the $928.3m record in FY22.
The company said its attributable profit was impacted mainly by non-cash, unrealised net fair value losses on its commercial properties in the UK and industrial and logistics properties in Australia and the EU, mainly due to higher capitalisation rates amid a high-interest rate environment.
“While our financial performance may be affected by external forces in certain years, including the high-interest rate environment, inflationary pressures, and ongoing global geopolitical and economic uncertainties, we continue to work on enhancing the resilience of our portfolio to deliver sustainable value to stakeholders over the long-term,” Group CEO of Frasers Property, Panote Sirivadhanabhakdi, said.