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Far East Orchard reels in strong Q1 earnings

Published on Apr 24, 2014 9:13 PM

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.

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