SINGAPORE (Nov 13): Amara Holdings reported a 20% decline in 3Q17 earnings to $3.2 million from $4 million in the same period a year ago, on higher costs incurred over the quarter ended Sept.
Revenue for the quarter grew 12% to $22.2 million from $19.8 million previously, mainly due to higher revenue contributions from the group’s Hotel Investment and Management segment and Property Investment and Development segment.
The group’s bottomline was however dragged down by higher staff costs for the quarter which notably grew to $7 million, up 19% from $5.8 million in 3Q16 due to an increase in start-up costs of a new hotel and timing difference arising from the recognition of service points into salaries.
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