reporter2
08-05-14, 18:30
http://www.businesstimes.com.sg/archive/thursday/premium/companies/others/fragrance-q1-net-jumps-38-243-million-20140501
Published May 01, 2014
Fragrance Q1 net jumps 38% to $24.3 million
By Nisha Ramchandani
[email protected] @Nisha_BT
FRAGRANCE Group has reported a near 38 per cent jump year-on-year in first-quarter net profit to $24.26 million.
Revenue for the three months ended March 31 edged up about 13 per cent to $125.27 million.
Fragrance said the surge in profit attributable to equity-holders was mainly due to decreased profit contribution from its Parc Rosewood project where non-controlling shareholders share 40 per cent interest. The period shows profit attributable to minority interests falling 64.9 per cent to $3.62 million.
The bulk of revenue came from its property segment, which grew 15.6 per cent to $111.5 million, while revenue from its hotel business slipped 5.4 per cent to $13.77 million due to lower contributions from some hotels. The higher turnover from its property development sector was due to revenue contributions from various ongoing projects, such as Urban Vista, Kensington Square, Parc Rosewood and Suites @ Bukit Timah.
During the quarter under review, earnings per share climbed to 0.4 cent, from 0.3 cent in the previous corresponding quarter.
Cost of sales increased 19.1 per cent to $74.24 million while gross profit increased 4.8 per cent to $51.02 million. Finance costs were up 25.5 per cent at $4.64 million mainly due to the drawdown of term loans relating to certain investment properties and the higher average interest rate in 1Q14 vis-a-vis 1Q13.
"Buyer sentiment continued to be relatively gloomy, especially in the residential sector. However, with the low-interest-rate environment, demand from genuine homebuyers who intend to buy for own-stay or long-term investment is expected to remain stable," said Fragrance, commenting on the outlook for property. "The government has released fewer sites for sale through its land sale programme, moderating supply."
It went on to add that the hospitality industry is likely to remain challenging due to the uncertain economic climate and new supply of hotel rooms in the pipeline.
No dividend was declared for the quarter.
Cash and cash equivalents worked out to $137.24 million at the end of the first quarter, compared to $94.46 million the previous year.
The counter closed at 25 cents yesterday, up half a cent.
Published May 01, 2014
Fragrance Q1 net jumps 38% to $24.3 million
By Nisha Ramchandani
[email protected] @Nisha_BT
FRAGRANCE Group has reported a near 38 per cent jump year-on-year in first-quarter net profit to $24.26 million.
Revenue for the three months ended March 31 edged up about 13 per cent to $125.27 million.
Fragrance said the surge in profit attributable to equity-holders was mainly due to decreased profit contribution from its Parc Rosewood project where non-controlling shareholders share 40 per cent interest. The period shows profit attributable to minority interests falling 64.9 per cent to $3.62 million.
The bulk of revenue came from its property segment, which grew 15.6 per cent to $111.5 million, while revenue from its hotel business slipped 5.4 per cent to $13.77 million due to lower contributions from some hotels. The higher turnover from its property development sector was due to revenue contributions from various ongoing projects, such as Urban Vista, Kensington Square, Parc Rosewood and Suites @ Bukit Timah.
During the quarter under review, earnings per share climbed to 0.4 cent, from 0.3 cent in the previous corresponding quarter.
Cost of sales increased 19.1 per cent to $74.24 million while gross profit increased 4.8 per cent to $51.02 million. Finance costs were up 25.5 per cent at $4.64 million mainly due to the drawdown of term loans relating to certain investment properties and the higher average interest rate in 1Q14 vis-a-vis 1Q13.
"Buyer sentiment continued to be relatively gloomy, especially in the residential sector. However, with the low-interest-rate environment, demand from genuine homebuyers who intend to buy for own-stay or long-term investment is expected to remain stable," said Fragrance, commenting on the outlook for property. "The government has released fewer sites for sale through its land sale programme, moderating supply."
It went on to add that the hospitality industry is likely to remain challenging due to the uncertain economic climate and new supply of hotel rooms in the pipeline.
No dividend was declared for the quarter.
Cash and cash equivalents worked out to $137.24 million at the end of the first quarter, compared to $94.46 million the previous year.
The counter closed at 25 cents yesterday, up half a cent.