Revenue from Australia SBU decreased by 4% to $207 million while PBIT increased by 65% to $65 million. The decrease in revenue was mainly due to the lower level of completions and settlements of residential projects in the quarter. PBIT, however, increased mainly due to share of profits of joint venture residential projects.
SINGAPORE (Feb 9): Frasers Property reported a 59% fall in 1Q earnings to $76.9 million from $187.5 million a year ago. Revenue fell 23.8% to $740 million. PBIT fell 31% to $228.6 million.
Revenue from its Singapore Strategic Business Unit (SBU) increased by 25% to $253 million to progressive revenue from North Park Residences while PBIT decreased by 12% to $93 million from the absence of share of profit contributions from fully completed and sold joint venture projects this quarter.
