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Amara Holdings FY17 profit down 36%
DRAGGED by a decline in share of results from a jointly controlled entity, Amara Holdings reported a 36 per cent drop in net profit for the full year ended Dec 31, 2017 to S$23.89 million.
Its revenue for fiscal 2017 rose 10 per cent to S$89.8 million, on the back of higher revenue in Hotel Investment and Management segment and Property Investment and Development segment.
The share of results of a jointly-controlled entity, net of tax in fiscal 2016 was from a completed development project.
Amara Holdings declared a final dividend of one cent per ordinary share, unchanged from last year. But in fiscal 2016, it also issued a special dividend of two cents per share.
"Hotels in Singapore and Bangkok are expected to benefit from the growing tourism on the back of positive global economic outlook," the group said.
The Group's Amara Signature Shanghai Hotel opened in January 2018 and is expected to be fully operational in second half of 2018.