Thailand hit weighs on Frasers property; H1 profit down 38%

Higher development contributions lifted PBIT despite weakness in reported earnings.

Frasers Property Limited reported an attributable profit of $88.4m for the first half (H1) ended 31 March, down 37.8% from $142.2m a year earlier.

The company attributed the decline mainly to a $38.2m impairment on an investment in Thailand. Excluding one-off tax provision reversals recorded in H1 FY25, attributable profit rose 77% year on year (YoY) whilst revenue declined 5.2% to $1.51b from $1.59b, said Frasers Property.

Meanwhile, profit before interest, fair value change, tax and exceptional items (PBIT) increased 13.2% to $678.7m from $599.3m.

Frasers Property said the higher PBIT was driven by residential projects in Singapore, Australia, and China, as well as industrial estate land sales in Thailand, non-core land sales in Australia, and higher retail contribution from Singapore following its increased stake in Northpoint City South Wing in May 2025.

Recurring income accounted for about 76% of H1 FY26 PBIT, according to the company, whilst the group’s residential development pipeline had unrecognised revenue of $1.1b as at 31 March. 

Net asset value per share rose to $2.40, compared with $2.37 as at 30 September 2025. The group’s net debt to property assets ratio stood at 45.5%, whilst net debt to total equity ratio was 94.2%.

Frasers Property said the increase in the net debt to total equity ratio was mainly due to the redemption of perpetual securities in January 2026.

About 69.4% of the group’s total debt was on fixed rates or hedged, with a weighted average debt maturity of 2.5 years and a blended cost of debt of 3.8% per annum.

Group Chief Executive Officer Panote Sirivadhanabhakdi said the company remains focused on execution amidst an uncertain operating environment.

During the period, the group acquired residential sites through joint ventures in Shanghai and Singapore, including the Kallang Close government land sales site.

In April 2026, Frasers Property completed the divestments of Brunswick & Co in Queensland and Burwood Brickworks Shopping Centre in Victoria, Australia.

The company also said the collective sale award for the leasehold rear plot of The Centrepoint in Singapore in February 2026 would allow it to assess redevelopment opportunities for the area.