Frasers Property's H1 profit jumped 37.2% to $265.99m

Contributions from Frasers Tower and the south wing of Northpoint City boosted earnings.

Frasers Property Limited’s profit surged 37.2% in H1 2019 from $193.8m in 2018, an SGX filing revealed. Revenue also rose 26.9% to $2b from $1.59b.

“We benefited from the first full half-year contribution from our business park portfolio in the United Kingdom, as well as contributions from Frasers Tower and the south wing of Northpoint City in Singapore,” Panote Sirivadhanabhakdi, group CEO of Frasers Property, said in a statement.

Meanwhile, Q2 profit rose 8.3% YoY from $111.1m in 2018 to $120.4m whilst its revenue went up 11.1% YoY to $934.3m from $841.1m, as the firm benefited from the timing of sales and settlements of development projects in Australia.

However, revenue from Singapore operations decline by 32% to $134m in Q2, largely due to the absence of revenue contributions from North Park Residences.

On the other hand, revenues from its Australia operations jumped 55% to $482m, attributed to sales and settlements from residential projects at Central Park in Chippendale, New South Wales.

The firm has declared a $0.024 interim dividend per share to be paid out on 10 June 2019.