Far East Orchard's Q1 net profit jumps

FAR East Orchard (FEOR) reported a jump in net profit to S$16.88 million for the first quarter ended March 2016, from S$3.80 million a year ago, on lower currency translation losses and stronger performance from joint ventures.

Revenue fell 51 per cent to S$51.09 million, in the absence of progressive revenue recognised in the first quarter period of the previous year for the euHabitat residential development project.

Other factors that led to the decline in revenue were the sale of the group's 30 per cent interest in 7 and 11 Bassein Road to an interested party in first quarter of FY2015 and lower revenue from hospitality division.

Earnings per share rose to 4.11 Singapore cents from 0.95 Singapore cent a year back. No dividend was recommended.

FEOR shares fell 0.5 Singapore cent or 0.3 per cent to S$1.59 on Wednesday.