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Fragrance Group's revenue surges 92.2%; net profit up 1.8%
FRAGRANCE Group's revenue grew 92.2 per cent from S$22.7 million in Q1, 2016 to S$43.66 million for the quarter ending Mar 31, the property developer and hotel operator announced on Thursday.
The increase stemmed from substantial revenue in the property development segment, specifically from the City Gate project which commenced construction in Q2, 2016.
Meanwhile, net profit grew marginally from S$5.29 million to S$5.39 million over the same period, slowed by an absence of the fair value gain recorded in the first quarter of 2016 from Icon@Pasir Panjang.
Earnings per share of 0.08 Singapore cent was unchanged from the corresponding quarter in the previous year. Fragrance Group said that it expects to report losses in certain quarters of the financial year ending Dec 31, 2017, but will remain profitable for the year as a whole.