Corporate digest

Published Thu, Feb 27, 2020 · 09:50 PM

Amara Holdings

AMARA Holdings' net profit fell 12 per cent to S$28.2 million for the full year ended Dec 31, 2019 from S$32 million previously.

This came as revenue remained largely stable at S$105.3 million (see amendment note) versus S$104.2 million a year ago, with higher revenue in the property investment and development segment offset by lower revenue in the hotel investment and management segment.

Meanwhile, finance costs increased by 27 per cent, mainly due to reclassification of certain lease payments upon adoption of new financial reporting standards SFRS(I) 16 Leases, higher interest rates on bank borrowings and increase in loan drawdown. Tax expenses increased by 43 per cent due t…