Stock Track | Frasers Property Plummets 3.51% Intraday on Weak H1 Earnings with 38% Profit Decline
Stock Track
May 08
Frasers Property's stock plummeted 3.51% during intraday trading on Friday, as investors reacted negatively to the company's latest financial results.
The property developer reported a 38% decline in attributable profit to owners for the fiscal first half ended March 31, falling to SG$88.4 million from SG$142.2 million a year earlier. Earnings per share also dropped to SG$0.02 compared with SG$0.035 in the same period last year.
Revenue declined 5.2% year over year to SG$1.51 billion, which the company attributed mainly to the absence of contribution from Sky Eden@Bedok in Singapore. The weak earnings performance prompted the sell-off in the company's shares during Friday's trading session.
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