For the year to Sept 30, earnings plunged by 85.9% y-o-y to $123.2 million. Without the fair value change, FPL’s profit before interest, fair value change, tax and exceptional items (PBIT) increased by 5.1% y-o-y to $1.31 billion due to higher contributions from its residential and hospitality businesses, as well as maiden contributions from the acquisition of a 50% stake in the mall Nex, located in Serangoon Central.
Due to unrealised fair value losses, Frasers Property (SGX:TQ5
) (FPL) has reported a significant decline in earnings for FY2023. However, group CEO Panote Sirivadhanabhakdi remains focused on building a resilient portfolio for long-term returns.
“What this means to us is the need to build a business that can withstand the ups and downs of the property cycle and continue to deliver returns over the years,” he says.
