Fraser and Neave (F&N) has posted an increase in profits in the third quarter on the back of a strong performance across its property segment and other business arms.
The company’s net profit after fair-value adjustments and exceptionals reached $130.6 million, up 6 percent from the previous year, while revenue jumped 8 percent to $1.41 billion.
Its development property business contributed $95.1 million or about 38 percent of the company’s profit before interest, taxation, fair-value adjustments and exceptionals (PBIT). Revenue recognitions from projects like Waterfront Key and Residences Botanique contributed significantly to the Q3 results.
F&N said that it is gearing up for more property launches. Sales for the Central Park Sydney will begin this month, while plans to roll out the 660-unit Shanshui Four Seasons project in Shanghai is expected to commence by end-2011.
In Singapore, F&N has a total land bank of more than 2.2 million sq ft of potential gross floor area, which can potentially yield up to 2,000 units in the next few years.
Additionally, the company recorded a net profit after fair-value adjustments and exceptionals of $505 million in the third quarter, an increase of 83 percent year-on-year. Revenue also jumped 16 percent to $4.15 billion.