The company attributes the gain to higher residential sales in Singapore. In addition, the year-earlier numbers were weighed down by an impairment.
There was a reversal of tax provisions which helped lift 1HFY2025's bottom line too. If this was excluded, attributable profit would be down 13% y-o-y, no thanks to higher interest costs.
As at March 31, FPL's net debt to total equity ratio increased to 88.5% from 83.4% as at Sept 30, 2024, partly due to the acquisition of an industrial property by one of its REITs.
As at March 31, FPL has unrecognised revenue of $1.4 billion from its residential sales.
See also: Creative remains in the red for FY2025; guides for better FY2026
FPL is also consistently unlocking asset value as part of its overall bid to be more capital efficient.
In 1HFY2025, it announced the sale of its stake in Northpoint City South Wing to its REIT, Frasers Centrepoint Trust.
FPL shares closed at 81 cents on May 8, unchanged for the day and down 12.9% year to date.
