Frasers Property profits plunge 74.6% YoY in 1H24

The company attributed its lower profit to UK impairments.

Frasers Property reported a 74.6% YoY lower attributable profit of $57.4m in 1H24.

In a bourse filing, the company attributed the decline to “non-cash unrealised fair value losses and impairment on certain commercial properties in the UK of $115.3m.”

Lower residential contributions from Singapore and Thailand and higher interest expenses also impacted the company's attributable profit.

Net fair value gains on industrial and logistics properties in Australia and the EU helped offset the decline.

In addition to lower attributable profit, the company also reported a 20.4% YoY decline in its revenue, totalling $1.55b.

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