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Frasers Property saw its profits climb 68.2% YoY to $333.93m in Q3 from $198.56m in 2018, despite the 53.1% YoY plunge in revenue to $638.81m from $1.36b.
The revenue decline was mainly attributable to the timing of sales and settlements of development projects in Australia, Singapore and China. These also dragged on the company’s profit before interest, fair value change, taxation and exceptional items (PBIT) by 25% to $269m over the same period. Recurring income sources have boosted its profits and offset the decline in revenue.
Revenue and PBIT of Frasers’ Singapore operations declined by $547m and $12m to $133m and $147m, respectively. Revenue and PBIT from Singapore residential properties went down to $2m and $10m, due to fewer settlements in Parc Life Executive Condominium and the absence of profit contributions from North Park Residences following its achievement of temporary occupation permit (TOP) in October 2018.
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