Frasers Property profits for FY 2018 up 10.1% to $759m

Revenue from its Singapore strategic business unit climbed 58% to $1.36b.

Frasers Property saw its profit jump 10.1% YoY from $689.1m to $759m for its FY 2018, an announcement revealed. Revenue also inched up 7.1% to $4.31b.

Revenue for its Singapore strategic business unit (SBU) skyrocketed 58% to $1.36b whilst its profit before interest, fair value change, taxation and exceptional items (PBIT) climbed 18% to $481m pushed by the commencement of operations at the newly completed south wing of Northpoint City as well as higher occupancies at the north wing following the completion of the asset enhancement initiatives.

“To further strengthen Frasers Property’s resilience amidst an environment of increasing macroeconomic volatility, we continued to expand the group’s recurring income base during the year,” Frasers Property group CEO Panote Sirivadhanabhakdi said. “In particular, we deepened our presence in the logistics, industrial, and business park segments in markets that we are already familiar with, broadening the scale of our platforms in these sectors.”

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Meanwhile, the firm’s Singapore residential properties jumped by $467m and $92m to $879m and $147m, respectively. The higher revenue and PBIT were largely attributable to the profit recognition on the settlements of Parc Life Executive Condominium and progressive development profit recognition from Seaside Residences.

The firm noted that their residential properties’ higher revenue and PBIT were largely attributable to the profit recognition on the settlements of Parc Life Executive Condominium and progressive development profit recognition from Seaside Residences.