Fragrance Group Q4 profit drops 40% on weaker fair value gains

PROPERTY firm Fragrance Group on Tuesday said that net profit for the fiscal fourth quarter dropped 40.4 per cent mainly on a weaker fair-value gain on its investment properties.

Net profit for the three months ended Dec 31, 2014 stood at S$79.7 million, compared to S$134 million a year ago.

Its "other operating income" fell 47.2 per cent to S$54 million, reflecting a plunge in the fair-value gain of certain investment properties.

The group's gross profit also slipped 6.4 per cent to S$44.2 million, due to lower selling prices of its property development units.