Frasers Property Q2 profit up 8.3% to $120.4m; to pay 2.4 cents per share dividend

An enlarged base of recurring income assets, including the start of operations at Northpoint City, helped boost Frasers Property’s first half-year earnings.
An enlarged base of recurring income assets, including the start of operations at Northpoint City, helped boost Frasers Property’s first half-year earnings.PHOTO: FRASERS PROPERTY

SINGAPORE - Frasers Property's net profit rose 8.3 per cent to $120.4 million for its second quarter ended March 31, from $111.1 million a year ago.

The bottomline was mainly supported by the timing of sales and settlements of development projects in Australia, it said on Friday morning (May 3) before the market opened.

The group said it benefited from the first full half-year contribution from its business park portfolio in the UK, as well as contributions from Frasers Tower and the south wing of Northpoint City in Singapore. It also recognised profits from residential developments after project completions and settlements, mainly from Australia and China.

Earnings per share was 2.81 cents for the second quarter, up from 2.72 cents a year ago.

Revenue for Q2 increased 11.1 per cent to $934.3 million, from $841.1 million in the previous year.

The board declared a 2.4 cent interim dividend per share to be paid out on June 10, taking into account the profits achieved for the first half of fiscal 2019.

Frasers Property shares closed at $1.85 on Thursday, down one Singapore cent.