SINGAPORE (Aug 8): Fragrance Group has reported a near-doubling of 2Q earnings to $6.8 million from $3.8 million a year ago due to higher revenue.
This brings the property developer’s earnings for 1H18 to a total of $15.3 million, up 66.8% from 1H17 earnings of $9.2 million previously.
Revenue for 2Q18 surged 62.5% to $56.8 million from $35 million a year ago on account of higher contributions from the group’s City Gate development project in Singapore; rental revenue from commercial properties; and full quarter hotel operations income from ibis Styles Hobart, which commenced operations in Australia during July last year.
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