Frasers Property (Thailand) Public Company Limited (FPT) has announced its financial results for the third quarter of fiscal year 2023 (April - June 2023), reporting revenue of 3.826 billion baht and a net profit of 339 million baht. The residential sector faced various negative economic factors, while the demand for factories and warehouses remained high both in Thailand and abroad, with an additional 65,000 square meters delivered in Vietnam. Grade A office and retail spaces also saw an increase in rental income, maintaining a high occupancy rate of 91%.

Mr. Thanapol Sirithanachai, Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, revealed that the total revenue for the first nine months of fiscal year 2023 (October 2022 – June 2023) decreased by 10.2% compared to the same period last year, due to economic pressures in Thailand and globally. The residential sector continued to be impacted by high interest rates and household debt, leading to an increase in loan rejection rates from banks. However, the company benefited from the rental income from factories and warehouses, as well as maintaining high occupancy levels in office buildings and retail spaces. FPT remains strong with its One Platform approach, leveraging the synergy of its three business groups and receiving robust support from its shareholder, Frasers Property Limited (FPL).

For the first nine months of fiscal year 2023 (October 2022 – June 2023), FPT reported total revenue of 10.417 billion baht, comprising 6.832 billion baht from property sales, 2.274 billion baht from rental and service income, and 1.311 billion baht from other income, resulting in a net profit of 827 million baht.

In the third quarter of fiscal year 2023 (April - June 2023), the company achieved total revenue of 3.826 billion baht, an increase of 302 million baht, and a net profit of 339 million baht, up by 174 million baht. The residential property sector generated 2.731 billion baht, an increase of 360 million baht from the previous quarter, due to the company's strategic marketing campaigns that effectively met customer demands, particularly for the Grandio brand. Additionally, improvements in systems and procurement processes led to an increase in gross profit margins for the residential property sector compared to the previous quarter.

During this quarter, the company launched four new projects with a total value of 5.1 billion baht, including premium home brands such as Grandio Kaset - Nawamin, The Grand Pinklao - Kanchanaphisek Ring Road, Neo Home Rayong - Ratchachumphon, and the KLOS Ratchada 7 condominium. For the fourth quarter (July - September 2023), the company plans to accelerate sales through various marketing campaigns and enhance brand awareness through a warm music video launched last month, reflecting its commitment to being a quality residential brand that creates better living for all ages.

The industrial and commercial real estate sectors generated a total rental income of 769 million baht, with the factory and warehouse rental business benefiting significantly from foreign investors relocating their production bases. This has led to a substantial increase in demand for factories, as well as positive responses and increased demand in Indonesia and Vietnam, pushing the portfolio's overall occupancy rate to 86%. This quarter, the company delivered 65,000 square meters of factory space at Binh Duong Industrial Park in Vietnam. The office building and retail space business also saw increased income from a growing number of tenants and rental rate adjustments, maintaining a portfolio occupancy rate of 91%.

Financial Performance for Q3 (April - June 2023)

Comparison Table of Financial Performance for the 9-Month Period (October 2022 – June 2023)