Far East Orchard expects to post higher profit after tax for FY2023

FAR East Orchard has announced in a profit guidance that it expects to report a higher profit after tax for its financial year ending Dec 31, 2023, compared with the audited profit after tax for FY2022, it said in a bourse filing on Friday (Jan 26).

The expected higher profit after tax is mainly attributed to fair value gains on investment properties, it added.

The company said that it is still in the process of finalising the valuations on its portfolio of properties and will announce its unaudited FY2023 results on or about Feb 28.

Shares of Far East Orchard ended Friday at S$1.00, down 1 per cent or S$0.01.