FPT Net Profit Plunges 58.4% Due to a Lower Sale of Industrial Properties

Frasers Property (Thailand) Public Co., Ltd. (FPT) has reported its 1Q20 consolidated financial statement, ended 31 December 2019 through the Stock Exchange of Thailand as follows;

FPT reported a net profit in 2019 at 283 million baht, decreased 58.40% from a net profit of 680 million baht in 2018, mainly as a result of its gain on sales of industrial properties to Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT) of Baht 889 million. However, the commission income under management fee income increased by Baht 34 million from acquiring properties for FTREIT. In addition, profit from rental and related services increased by Baht 24 million due to higher occupancy rate.

For the period 1 October, 2019 to 31 December, 2019, FPT’s net profit was Baht 308 million which decreased by Baht 828 million from the same period of last year.