Singapore Developer Frasers’ Profit Slumps on Global Downturn
This article is for subscribers only.
Singapore developer Frasers Property Ltd. reported a significant drop in full-year profit as higher interest rates prompted fair value losses on commercial properties in the UK, Australia and Europe.
The company said attributable profit fell 81% to S$173.1 million ($127.2 million) for the financial year ended September, according to a statement late Friday.