Frasers Property Limited reported attributable profit of S$88.4 million for the six months ended 31 March 2026, down 37.8 % year-on-year after a S$38.2 million impairment on an investment in Thailand. Core operating momentum remained firm, with profit before interest and tax (PBIT) climbing 13.2 % to S$678.7 million, boosted by residential completions in Singapore, Australia and China as well as industrial-estate land sales in Thailand and non-core land disposals in Australia.
Group revenue slipped 5.2 % year-on-year to S$1.51 billion, while EBITDA rose 12.7 % to S$719.6 million. Net asset value per share improved to S$2.40 from S$2.37 at end-September 2025. The company did not declare an interim dividend for the period.
Residential development was the largest growth driver. Unrecognised residential revenue stood at about S$1.1 billion, underpinning near-term earnings visibility. Retail PBIT also improved after the group increased its stake in Northpoint City South Wing in May 2025. Overall, recurring income contributed roughly 76 % of first-half PBIT. By asset class, strong performances in Singapore, Australia and China offset softer results in Thailand’s hospitality segment.
The bottom line was weighed down by the Thai impairment and modestly higher financing costs. Net debt-to-equity rose to 94.2 % from 89.2 % following the redemption of perpetual securities in January 2026, while the net debt-to-property-assets ratio stood at 45.5 %. The group said 69.4 % of total borrowings were either fixed-rate or hedged, with a blended cost of debt of 3.8 % and average maturity of 2.5 years.
During the half, Frasers Property continued to recycle capital. It completed the divestments of the Brunswick & Co build-to-rent project in Queensland and Burwood Brickworks Shopping Centre in Victoria in April 2026. In Singapore, the collective-sale award for the leasehold rear plot of The Centrepoint opened the door for a broader rejuvenation of the Orchard Road asset. Development exposure was expanded selectively through joint-venture acquisitions of a waterfront site at Kallang Close in Singapore and a residential parcel at Suhewan, Shanghai. The group also advanced its build-to-core industrial and logistics strategy, delivering about 33,000 sq m of new space from a 1.07 million sq m pipeline.
Group chief executive officer Panote Sirivadhanabhakdi said the investor-developer-operator model continued to help the company “create, sustain and unlock value” through disciplined partnerships, active asset management and ongoing capital recycling. He added that geopolitical tensions, energy disruptions and renewed inflationary pressures underscored the need for “disciplined execution and portfolio resilience”. Looking ahead, management will focus on value realisation, balance-sheet strength and the integration of expanded Thai operations, supported by the appointment of a group chief operating officer effective 1 October 2026.