Fragrance Group’s fourth quarter net profit dropped 40.4 percent to $79.7 million, compared to S$134 million a year ago, mainly on a weaker fair-value gain on its investment properties.
The property developer and hotel operator’s revenue rose 5.8 percent to $128.5 million for the three months to 31 December, on the back of its property development sector which accounted for $123.59 million, or 96.2 percent, of total turnover.
Progressive recognition of income from projects like Kensington Square, Novena Regency (pictured), and Urban Vista contributed to revenue, according to media reports.
The group’s gross profit dropped 6.4 percent to $44.2 million, due to lower selling prices of its property development units.
Fragrance Group’s core businesses focus on real estate, investment and hospitality. Majority of its residential-project units has been sold, and it is working to lease out the commercial space at its Alexandra Road property, according to a CIMB report.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
