Frasers Property profits sink 66.4% in FY2020

Revenues dip 5.1% to $3.6b.

Frasers Property Limited (FPL) recorded a 66.4% dive on its attributable profit to $188.1m for FY2020 from the $560.3m in the same period last year.

Revenues also inched down 5.1% to $3.6b, whilst profit before interest, fair value change, taxation and exceptional items slipped 3.6% to $1.25b.

With COVID-19 impacting FPL’s earnings and conservation of financial resources in view of uncertain times, the company’s board of directors recommended a 1.5 Singapore cents per share final dividend for FY20.

“Recognising that we must continue to respond with agility and demonstrate tenacity in order to sustain growth over the long term, we have put in place strong leadership, competent teams and robust processes across our business, and built up a resilient, well-diversified portfolio over the years,” Frasers Property Group chief executive officer Panote Sirivadhanabhakdi said.

The group also noted that strengthened business platforms across multiple asset classes and geographic markets will position them for eventual recovery.