Revenue was up by 15.9% y-o-y to $63.7 million due to higher revenue from the hospitality and student accommodation (PBSA) segments. The higher hospitality revenue was due to the reopening of borders and pickup in global travel. The higher revenue for the PBSA segment was also due to the higher occupancy for the academic year 2021/2022, which commenced in September 2021.
Far East Orchard has reversed into the black with earnings of $8.0 million in the 1HFY2022 ended June, compared to the loss of $1.9 million in the same period the year before.
Far East Orchard is part of the Far East Organization group, which owns 33% of Far East Hospitality Trust's manager.
