Corporate digest

Published Fri, Feb 12, 2021 · 05:50 AM

Far East Orchard

THE group announced on Thursday that it expects to post a net loss for FY2020, as the "prolonged" Covid-19 pandemic continued to hamper its business.

The adverse impact of the pandemic on the group's business has contributed to losses in its hospitality business and share of the losses from hospitality joint ventures (JVs) in Australia and Europe, said Far East Orchard in a profit guidance.

Straco Corporation

THE group said in a profit guidance that it is expected to swing into a net loss for FY2020, as compared to a net profit in FY2019.

This is mainly attributable to impairment losses (based on indicative values) on the group's investment properties at its subsidiary company, Straco Leisure, which are non-cash in nature; along with lower revenue due to the Covid-19 pandemic.

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Pacific Star Development

NET loss for the second quarter ended Dec 31, 2020 deepened to S$7.8 million from S$6.6 million a year ago.

Revenue fell 84 per cent to S$343,000 due to the lower number of Puteri Cove Residences (PCR) units sold. Other expenses increased by S$1.7 million to S$2 million largely due to an increase in trade receivables written off as a result of cancellation of sales and purchase agreements for PCR units.

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