SINGAPORE (May 15): Property developer Fragrance Group saw its earnings jump 57.7% to $8.5 million for the 1Q ended March, from $5.4 million a year ago.

1Q18 revenue rose 50.6% to $65.7 million, from $43.7 million a year ago.

The increase in group revenue was mainly attributable to significant contributions from its City Gate project in Singapore, as well as full-period contributions from the group’s two hotels, ibis Styles Hobart in Australia and The Imperial Hotel in the United Kingdom.

As at end March, cash and cash equivalents stood at $45.3 million.

Looking ahead, the group says it will continue to look for suitable opportunities in Singapore with market sentiment generally improving following the wave of en bloc sales in recent months. It is also working closely with marketing agents to increase the occupancy of its investment properties in Singapore.

Meanwhile, the group adds that it is actively working on its various development projects in Australia, and actively working on the redevelopment plans or refurbishment works for the rest of its properties in the UK.

Shares of Fragrance Group closed 0.2 cents lower at 15 cents on Tuesday.

Fragrance Group reports 57.7% jump in 1Q earnings to $8.5 mil

Lendlease Global Commercial REIT announces DPU of 2.45 cents for 2HFY2022

With $2.4 bil in excess capital, could DBS be a 'payout superstar'?

Koh Brothers reports 151% y-o-y earnings jump for 1HFY2022 

Plugging the cybersecurity talent gap in Singapore

Racing towards the future of healthcare 

Driving into a smart mobility future

Following OPEC+ meeting, can oil serve as a hedge against inflation and recession?

Keppel Infrastructure Trust and other Keppel units to acquire South Korean waste management firm for $666 mil

Fragrance Group reports 57.7% jump in 1Q earnings to $8.5 mil

Related Stories

Highlights

Sembcorp's 1HFY2022 earnings surge over 10 times to $490 mil; declares interim dividend of 4.0 cents

Related Stories

CGS-CIMB likes Sasseur REIT as 1Q results in line with estimates

Frencken Group posts 12.6% drop in 1Q earnings to $12.8 mil on lower margins, higher expenses

Singtel is off to a good start for FY2022