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Fragrance Group's Q3 profit up 35% y-o-y
REAL estate company Fragrance Group reported a 35 per cent year-on-year jump in its net profit for its fiscal third quarter.
Net profit attributable to shareholders climbed to S$4.2 million for the quarter ended Sept 30 from S$3.1 million the year before.
Turnover was up 70 per cent to $56 million in Q3 FY17, from $33 million in Q3 FY16. Fragrance Group said that this was thanks mainly to the contribution from its property development and hotel segments.
Its property development segment saw substantial revenue contribution from its City Gate project, a mixed development at Beach Road, for which construction had begun in the second quarter of 2016. The group's hotels - ibis Styles Hobart in Australia, and hotels in United Kingdom such as the Lyndene Hotel, The Townhouse Hotel, The Crown Hotel and The Imperial Hotel - added to the group's turnover in the quarter just ended.
Fragrance Group's earnings per share were 0.06 Singapore cent, up from 0.05 Singapore cent the year before.
The group was positive in its outlook, saying that it had remained resilient to the challenges in the Singapore market in recent years and has sold almost all of its residential properties in the country. "With the timely diversification of operations into Australia and the UK, the group has laid a good foundation for sustainable growth in future years," it said.