Frasers Property Ltd, the developer controlled by Thai billionaire Charoen Sirivadhanabhakdi, reported higher first-half profit as its Singapore residential business made up for a slump in Australia and China, along with higher interest payments.
Net income jumped to S$135.6 million ($104 million) in the six months ended March 31 from S$35.8 million a year earlier, based on figures adjusted for distributions to perpetual securities holders, an exchange filing showed Friday.
The profit increase was also helped by the absence of an impairment recorded a year earlier, along with the reversal of tax provisions. Revenue rose 2.7% to S$1.59 billion.
Singapore developers have faced the challenge of elevated interest rates, high building costs and risks to global growth stemming from trade tensions. Frasers said that when excluding the tax reversal its attributable profit was down 13% from a year earlier due to higher interest payments.
Still, Singapore’s housing market has recovered in recent months, helping Frasers at a time when its exposure to China remains vulnerable to an ongoing property slump.
Charoen’s son, Panote Sirivadhanabhakdi, who has been at the helm of Frasers since becoming chief executive in 2016, sounded a cautionary tone.
“Amid global uncertainties, we remain vigilant and proactive in assessing the health of our business and financial position,” he said in a statement, adding that he’s confident the firm will “navigate these challenges”.