SINGAPORE (May 11): Fragrance Group saw 1Q earnings rise marginally to $5.4 million from $5.3 million a year ago due to an absence of the fair value gain recorded in 1Q16 from Icon@Pasir Panjang.
Revenue grew 92.2% to $43.7 million from $22.7 million for the quarter ending March, the property developer and hotel operator announced on Thursday.
This was due substantial revenue in the property development segment, specifically from the City Gate project which started construction in 2Q16.
Fragrance Group said that it expects to report losses in certain quarters of the financial year ending Dec 31, 2017, but will remain profitable for the year as a whole.
The counter closed at 17 cents on Thursday.
