Frasers Property warns of significant fall in profit for 2023 but expects to remain in the black
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Frasers Property said it expects fair-value losses primarily on its commercial properties in the United Kingdom and industrial and logistics properties in Europe.
PHOTO: FRASERS PROPERTY
Jessie Lim
SINGAPORE - Frasers Property expects to report a significant drop in attributable profit for FY2023 following fair-value losses on some of its investment properties.
The group said it is in the process of finalising valuations but based on preliminary results, it expects fair-value losses primarily on its commercial properties in the United Kingdom and industrial and logistics properties in Europe.
“Nevertheless, the group’s overall business performance and core operating earnings have not been significantly impacted as compared to the previous financial year, and the group expects to remain profitable for FY2023,” Frasers said on Thursday.
It will be releasing its unaudited financial results for the full year on Nov 10 after market close.
In its third-quarter business update released in August, Frasers noted that Europe continues to face headwinds due to the ongoing war in Ukraine, manpower challenges, higher energy costs and inflationary pressures.
For FY2022, Frasers posted a net profit of $871.4 million, 12.4 per cent higher than the previous year, due to the resumption of international travel as well as contributions from residential projects in Singapore and Thailand.
Shares of Frasers Property closed flat at $0.81 on Thursday. THE BUSINESS TIMES
