SINGAPORE – Property developer Fragrance Group on Monday reported a 20.2 per cent fall in first-quarter net profit from the corresponding period a year earlier despite a rise in revenue as non-controlling shareholders took a larger share of earnings.
Net profit for the three months ended March 31 was S$17.6 million even as revenue grew 17.3 per cent to S$110.5 million in the period, the company said.
Turnover was boosted mainly by revenue contribution from Parc Rosewood, its condominium project in Woodlands, in which the group has a 60 per cent interest. Other projects that contributed to revenue during this period include Suites@Paya Lebar, Suites@Bukit Timah and Parc Elegance in Telok Kurau, the company said.
Its hotel segment recorded a 2.1 per cent drop in turnover to S$14.55 million, due to the lower average occupancy rate of 89.6 per cent and revenue per available room of S$91.41 in the quarter. The comparable numbers for the previous corresponding period were 91.7 per cent and S$91.70, respectively.
Fragrance unit, Global Premium Hotels, reported first-quarter profit fell 32 per cent to S$4.3 million as revenue decreased 2.1 per cent to S$14.5 million.
GPH said: “The uncertain global economic conditions and the expected addition of 3,308 new hotel rooms in Singapore in 2013 are likely to contribute to a more competitive operating landscape for the Singapore hospitality market.”
“Nevertheless, with the increasing popularity of the budget airlines in the region, the group believes that the performance of its economy-tier and mid-tier hotels will continue to be resilient,” it added.
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