Property development drives up profit and sales at Fragrance Group

Hotel and property related Fragrance Group has registered a 57.9 per cent rise in second quarter net profit to $34.4 million.

This came on the back of a 48.6 per cent jump in turnover to $152.4 million for the three months ended June 30.

Property sector contributed to the increase while the hotel sector's revenue dropped marginally during the period.

Higher revenue contribution was seen from Parc Rosewood and as

well as Urban Vista, a joint venture residential condominium project which has commenced construction during this period following a successful sales launch.

Newly launched projects Novena Regency, Icon @ Pasir Panjang and ongoing residential projects Parc Elegance, Suites @ Bukit Timah and Wak Hassan also contributed to revenue during this period.

Rental income from our investment properties located at Hoe Chiang Road and Alexandra Road were also instrumental to the increase in revenue.

Earnings per share increased to 0.5 cent from 0.3 cent previously while net asset value per share grew to 13.7 cents compared to 13.1 cents as at Dec 31.

An interim dividend of 0.1 cent a share was declared, up from 0.05 cent last year.