Despite high interest rates and unrealised fair value losses in the UK and Australia, FPL reported a net fair value gain of $130.6 million, supported by net fair value gains in the Singapore properties. The group recycled $700 million in assets and proposed a 4.5 cents per share dividend unchanged y-o-y, representing a payout of 81%.
Fraser Property’s (FPL) net profit in FY2024 ended Sept 30, was bolstered by higher contributions from residential properties in Australia and China despite higher interest costs.
The developer’s attributable net profit of $206.3 million rose by 19.2% y-o-y, on the back of a 6.8% y-o-y rise in revenues and a 3% y-o-y rise in pbit. Operationally, the group’s recurring income base from logistics and industrial properties in Europe and Australia and Singapore commercial properties continued their steady returns.
