Far East Orchard 3Q earnings more than doubled to $4.3 million from $1.5 million a year ago.
This was due to the income tax credit and lower currency translation losses, but partially offset by the lower contribution from the group’s euHabitat project.
For the three months to September, revenue declined 44.7% to $52.4 million due to lower progressive revenue recognised for the euHabitat residential development project in the quarter and the sale of medical suites in the corresponding quarter a year ago.
Revenue contribution from the hospitality division however remained stable.
Looking ahead, the group says it will continue to grow its hospitality businesses by increasing the number of management contracts, acquiring strategic assets and divesting properties to recycle capital for re-deployment towards higher yielding growth opportunities when appropriate.
It will also continue to seek suitable property development opportunities.
Shares in Far East Orchard closed 0.97% lower at $1.525.
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This was due to the income tax credit and lower currency translation losses, but partially offset by the lower contribution from the group’s euHabitat project.
For the three months to September, revenue declined 44.7% to $52.4 million due to lower progressive revenue recognised for the euHabitat residential development project in the quarter and the sale of medical suites in the corresponding quarter a year ago.
Revenue contribution from the hospitality division however remained stable.
Looking ahead, the group says it will continue to grow its hospitality businesses by increasing the number of management contracts, acquiring strategic assets and divesting properties to recycle capital for re-deployment towards higher yielding growth opportunities when appropriate.
It will also continue to seek suitable property development opportunities.
Shares in Far East Orchard closed 0.97% lower at $1.525.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at :
info@epicresearch.sg
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