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Fragrance Q3 revenue sinks but profit soars on fair value gain

This is largely due to permission to change the use of land to hotel in an investment property

Fiona Lam

Fiona Lam

Published Fri, Nov 15, 2019 · 09:50 PM
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Singapore

PROPERTY developer Fragrance Group posted a net profit of S$98.4 million for the third quarter, about 41 times the S$2.4 million profit a year ago.

This was despite revenue tumbling 64.6 per cent amid a sharp decline in contribution from the property development segment.

The improved earnings for the three months ended Sept 30 came on the back of S$110.9 million in other operating income, compared to other operating loss of …

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