Fragrance Q1 profit falls due to fewer projects

Singapore

FEWER ongoing development projects and lower rental income from investment properties due to asset enhancement work at one of its properties led to Fragrance Group posting a 32.2 per cent drop in first- quarter net profit.

The group, controlled by tycoon Koh Wee Meng, posted net earnings of S$16.44 million for the quarter ended March 31, 2015, down from S$24.26 million in the same period last year.

Turnover from continuing operations fell 21.3 per cent to S$87.79 million. The property development segment recorded a 20.1 per cent drop in turnover to S$83.19 million. Fragrance attribute…