SINGAPORE (May 14): Amara Holdings reported earnings of $2.1 million for the 1Q ended March, up 32% from its restated earnings of $1.6 million a year ago due to higher revenue and other income.

Revenue for the quarter grew by 13% to $22.6 million compared to restated 1Q17 revenue of $20 million a year ago, lifted by higher contributions from its Hotel Investment and Management segment.

Other income grew more than fourfold to $1.4 million from $0.4 million on the back of a $1.2 million foreign exchange gain.

However, cost of properties sold and consumables used for the quarter nearly doubled to $2.2 million from $1.2 million previously, due to higher consumables used in the Hotel Investment and Management segment as well as the progressive recognition of development costs form the group’s Property Investment and Development segment.

Staff costs grew 10% to $7.3 million from $6.6 million in 1Q17, mainly due to additional headcount from a newly opened hotel.

Finance costs grew 20% to $2 million from $1.7 million a year ago due to higher interest rate on loans.

In its outlook, Amara says it expects Asia’s hospitality market to remain buoyant from a positive global economic outlook and increase in corporate travels. The group expects its hotels in Singapore to benefit from an upswing in leisure and corporate travellers, coupled with a relatively muted new room supply in 2018.

As for Singapore’s residential property market, Amara observes that the downward price trend has reversed with the property price index jumping 3.9% on-year in 1Q.

Shares in Amara closed flat at 52 cents on Monday.

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