Frasers Property expects significant decrease in 1HFY2024 attributable profit

FPL expects to record fair value losses and impairment for the period, primarily on certain commercial properties in the UK.

Frasers Property (FPL) TQ5 has announced that it expects to report a significant decrease in attributable profit for the 1HFY2024 ended March 31 compared to the previous corresponding period.

In a profit guidance filing on April 9, FPL says this is the result of the fair value losses and impairment it expects to record for the half-year period, primarily on certain commercial properties in the UK. The losses and impairment are non-cash in nature and are the result of weaker market sentiments.

FPL will release its unaudited 1HFY2024 financial results on May 10.

Shares in FPL closed unchanged at 84.5 cents on April 9.

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