SINGAPORE (May 15): Property developer Fragrance Group saw its earnings jump 57.7% to $8.5 million for the 1Q ended March, from $5.4 million a year ago.
1Q18 revenue rose 50.6% to $65.7 million, from $43.7 million a year ago.
The increase in group revenue was mainly attributable to significant contributions from its City Gate project in Singapore, as well as full-period contributions from the group’s two hotels, ibis Styles Hobart in Australia and The Imperial Hotel in the United Kingdom.
As at end March, cash and cash equivalents stood at $45.3 million.
Looking ahead, the group says it will continue to look for suitable opportunities in Singapore with market sentiment generally improving following the wave of en bloc sales in recent months. It is also working closely with marketing agents to increase the occupancy of its investment properties in Singapore.
Meanwhile, the group adds that it is actively working on its various development projects in Australia, and actively working on the redevelopment plans or refurbishment works for the rest of its properties in the UK.
Shares of Fragrance Group closed 0.2 cents lower at 15 cents on Tuesday.
