Revenue was $152.39 million in 2Q 2013, an increase of 48.6% from $102.55 million recorded in the previous year. The property sector contributed $137.01 million or 89.9% of the total revenue, with the main the progressive recognition of income from development projects of Parc Rosewood Urban Vista. The hotel sector contributed $15.37 million or 10.1% to the total turnover. This was mainly due to higher Average Occupancy Rate (AOR) of 93.1% and Revenue Per Available Room (RevPAR) of $95.7 in 2Q 2013 as compared to AOR of 89.7% and RevPAR of $93.5 in 2Q 2012.
The gross profit margin for 2Q 2013 was at 46.5% versus that of 43.0% in 2Q 2012. The net profit for 2Q 2013 was at $45.0 million, a 67% rise over 2Q 2012.
Fragrance Group’s total borrowings was at $1,639.24 million as of 30 June 2013, an increase from $1,260.22 million as at 31 December 2012. The increase was mainly due to the loans drawdown pertaining acquisition of an investment property, partly offset by repayment of loans pertaining to certain completed development property.
The company used a net cash flow of $56.89 million fron operating activities towards acquisition of new development properties.
Shareholders will be entitled to an interim dividend of $0.001 per share. In the previous year, S$0.0005 per share was dished out.
In the property development front, Fragrance Group sees the demand pertaining to commercial sector, especially, retail and strata offices is expected to be stable and good in the near term. In the hotel sector, the company is cautiously optimistic of the global economy and mid-tier hotel operations to be resilient enough to face up the challenge with Singapore fast becoming a regional hub for budget airlines.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.
Fragrance Group"s 2Q Revenue Climbs 48.6%
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