This article was originally published on Friday, 3 May 2019 at 8:10 A.M. SGT; it has since been updated.
Frasers Property reported Friday its fiscal second quarter net profit rose 8.3 percent on-year to S$120.5 million amid higher revenue from sales at residential projects in Australia and amid an increase from recurring income assets.
Revenue for the quarter ended 31 March was S$934.3 million, up 11.1 percent on-year, the property developer said in a filing to SGX before the market open.
“The results reflect the group’s enlarged base of recurring income assets,” Panote Sirivadhanabhakdi, group CEO of Frasers Property, said in the statement.
“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,” he added.
“In addition, we recognized profits from residential developments following project completions and settlements, with Australia and China being the main contributors,” he said.
In Australia, revenue increased 55 percent on-year to S$482 million in the quarter, while profit before interest and tax (PBIT) rose 19 percent on-year to S$100 million, mainly on sales and settlements at the residential projects at Central Park in Chippendale, New South Wales, Frasers Property said.
In addition, Frasers Logistics and Industrial Trust, which has 60 properties in Australia, reported revenue for the quarter increased around 37 percent.
In Singapore, Frasers Property said revenue fell 32 percent on-year to S$134 million, although PBIT rose 9 percent to S$97 million.
“The decrease in revenue was largely due to the absence of revenue contributions from North Park Residences. This was, to some extent, mitigated by revenue contributions from the south wing of Northpoint City and Frasers Tower,” the developer said.
For Singapore residential properties, revenue fell by S$78 million to S$2 million for the quarter, while PBIT fell by S$3 million to S$5 million, it said.
But for commercial properties in the city-state, revenue increased by S$15 million to S$132 million for the quarter, while PBIT increased by S$12 million to S$93 million, it said.