SINGAPORE - Far East Orchard has chalked up a sharp jump in first quarter net profit to $15.1 million from $1.5 million previously, fuelled mainly by contributions from an acquisition.
Sales for the three months to March 31 soared to $76 million compared to $19.2 million in the same period last year.
Revenue from the hospitality division increased by $36.3 million to $53.5 million, mainly due to the hospitality businesses acquired from The Straits Trading Company on Nov 1.
Revenue from the property development division increased by $20.2 million, primarily as a result of progressive recognition of revenue from the euHabitat residential project.
The group has a 20 per cent interest in euHabitat, which is about 99 per cent sold.
It also has a 30 per cent interest in Watervine Homes, a joint venture with Frasers Centrepoint and Sekisui House, to develop the RiverTrees Residences project on the land parcel at Fernvale Close.
The project is about 49 per cent sold.
Earnings per share rose to 3.05 cents from 0.38 cent previously while net asset value per share grew to $3 compared to $2.96 as at Dec 31.