Fragrance Group posts 68% drop in Q1 profit

FRAGRANCE Group reported a 68 per cent slump year on year in net profit to S$5.29 million for the first quarter ended March 31, 2016, as revenue declined.

Revenue fell 74 per cent to S$22.72 million mainly due to lower contributions from its property development segment.

Earnings per share dropped to 0.08 cent from 0.24 cent previously.

The group warned that it expects to report losses for second and/or third quarter of FY2016 as the revenue stream in 2016 will be potentially subject to a significant amount of fluctuation but, barring unforeseen circumstances, expects to remain profitable in FY2016.