Corporate digest

Fragrance Group

FRAGRANCE Group Limited has acquired a property in Tasmania, Australia, for A$3.98 million (S$4.1 million) through its subsidiary Fragrance TAS-Hobart (Elizabeth) Pty Ltd.

The property, at 234-250 Elizabeth Street in Hobart city, is located near the corner of Warwick Street and Elizabeth Street, less than 700 metres away from the Elizabeth Shopping Mall in the heart of the central business district.

The 3,501 square metre land area, with freehold tenure, is currently zoned "Central Business" in the Hobart Interim Planning Scheme 2015, said Fragrance Group. This allows the property to be redeveloped for office, retail, hotel and residential uses, it added.

The purchase was completed on Aug 5 and funded by internal resources. It is not expected to have any material impact on the firm's net tangible assets or earnings per share for the current financial year.

Bonvests Holdings

DRAGGED by a plunge in revaluation gain on investment properties, Bonvests Holdings reported an 80.5 per cent drop in net profit to S$6.81 million for the second quarter ended June 30.

Revenue grew 12.8 per cent to S$50.86 million, thanks to higher revenue from the property rental, hotel and industrial divisions that mitigated lower revenue from the investment division.

But this growth was outpaced by a 72.8 per cent slump in revaluation gain on investment properties to S$8.72 million.