Frasers Property net income up 18% despite hard-hit hospitality sector

Frasers Property reported a net income of $275.8m for the first half of 2021.

Frasers Property's net income increased by 18% to $275.8m for the first half of 2021.

Frasers Property CEO Panote Sirivadhanabhakdi, in a bourse disclosure, said that COVID-19 continues to have a significant impact on its performance, particularly its hospitality sector.

"Amid such volatility, it is critical to sharpen our focus on delivering long-term shareholder value by actively looking for ways to strengthen our Group’s foundation andposition ourselves for sustainable growth. It is equally important tomaintain our ongoing initiatives to drive productivity and operational efficiency across our businesses and asset portfolio. With these priorities in mind, we undertook the recent rights issue to focus onbusiness resilience and enhancefinancial flexibility, thereby enabling the Group to be better positioned toc apitalise on growth opportunities and bea future-ready business," Sirivadhanabhakdi added.

In April, the company announced that it had secured a A$300m five-year syndicated sustainability linked loan in Australia as a part of its strategy to focus on sustainable financing.

Its Seaside Residences private condominium project has been fully sold.

Over 1,300 of its residential units in Australia are scheduled for settlement over the year.

It has ten assets in Australia and three assets in Europe that are scheduled for completion over the next two years.