Fragrance Group, Aspial Corp report lower earnings

PROPERTY developer Fragrance Group reported a net profit of S$8.7 million for the three months ended Dec 31, 2015, down 89 per cent from S$79.7 million a year ago.

Revenue was down 68 per cent to S$41.1 million, from S$128.5 million a year ago. This included income from sales of the Kensington Square, Urban Vista, and Icon@Pasir Panjang developments.

For the full year, net profit was down 56 per cent to S$68.2 million, while revenue was down 45 per cent to S$285.7 million. This was due to fewer ongoing development projects compared to a year ago.

It did not declare a final dividend.

Similarly, related company Aspial Corporation's 2015 net profit fell 80 per cent to S$8.8 million while revenue fell 9 per cent to S$464 million.

Revenue and profit fell for its jewellery business, which is consolidating, and property segment, which had fewer current development projects. But its pawnbroking business did well as gold prices stabilised and pledged loans increased with a corresponding increase in interest income.

Aspial declared a final dividend of one Singapore cent a share, higher than 0.8 Singapore cent a share in 2014.

Fragrance last traded at S$0.183 a share. Aspial last traded at S$0.28 a share.