Fragrance Group Q1 net profit slips 32 per cent to S$16.4 million

FRAGRANCE Group has posted net earnings of S$16.44 million for the first quarter ended March 31, 2015, down 32.2 per cent from S$24.26 million in the same year-ago period.

Turnover from continuing operations fell 21.3 per cent to S$87.79 million, due mainly to fewer ongoing development projects as well as a drop in rental income from investment properties mostly due to the absence of contribution from the building along Alexandra Road formerly known as NOL Building, following the start of asset enhancement work that began in the third quarter of last year.

Earnings per share slipped to 0.24 cent in Q1 FY2015 from 0.36 cent in Q1 FY2014. Net asset value per share stood at 14.63 cents as at end-March this year, a tad above the 14.59 cents at end-December 2014.

The counter closed unchanged at 20 cents on Thursday. The group, controlled by Koh Wee Meng, released its results after the stock market closed.