Far East Orchard Q2 profit surges 575.2% to S$37m

RECOGNITION of profits from its joint venture property development project, SBF Center, which obtained its Temporary Occupation Permit in late June 2016, lifted results of Far East Orchard in its second quarter.

Net profit leapt to S$37.0 million from S$5.48 million in the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended June 30, revenue fell 21 per cent to S$44.7 million from the previous year. The decrease in revenue was due partly to the absence of the progressive revenue recognised in Q2 FY15 for the euHabitat residential development project, it added.

Q2 earnings per share leapt to 9.01 Singapore cents from 1.37 Singapore cents in the previous year. Net asset value per share edged up to S$2.88 as at June 30, from S$2.86 as at six months ago.

No dividend was proposed. Far East Orchard shares closed 1.28 per cent lower at S$1.54 on Friday.