Frasers Property sees 'challenges' despite 18% full-year profit gain

Frasers Property, the property developer controlled by Thailand’s richest man Charoen Sirivadhanabhakdi, warned of challenges ahead as a onetime tax provision reversal helped offset a broader profit slump.

- 

Net profit rose 18 per cent to $243.1 million for the fiscal year ended Sept 30, according to an exchange filing on Nov 14. That would have been 50 per cent lower year-on-year if not for the tax gains, the Singapore-listed firm said.

The company faced impairments on some projects, lower residential contributions across most markets and higher interest expenses. Revenue dropped more than 19 per cent to $3.4 billion.