SINGAPORE (May 8): Developer Far East Orchard saw its earnings plunge 73.5% to $0.9 million for 1QFY2020 ended March from $3.4 million last year. 

Apart from currency translation losses of $11.2 million due to the weakening of Australian Dollar against the Singapore Dollar, the group highlights the adverse impact of the Covid-19 pandemic on its operations. 

The decline in earnings was, however, offset by higher profit contribution from the group’s expanded purpose-built student accommodation (PBSA) portfolio in the UK, as well as recognition of share of profit from its joint venture development project Woods Square. 

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