SINGAPORE - Property developer and hotel operator Fragrance Group reported a 40.4 per cent plunge in fourth-quarter net profit to $79.7 million.

Revenue for the three months to Dec 31 was up 5.8 per cent to $128.5 million.

The property development sector contributed the lion's share of revenue, accounting for 96.2 per cent or $123.59 million of total turnover.

Progressive recognition of income from projects like Urban Vista, Novena Regency and Kensington Square, contributed to revenue.

Other projects that made significant revenue contribution include Le Regal, Suites @ East Coast and Icon @ Pasir Panjang.

The property investment sector contributed $4.92 million or 3.8 per cent to total revenue, mainly due to the renovations to an investment property at Alexandra Road during third quarter last year, so no rental income was generated during the second half of the 2014 financial year.

Net profit for the year to Dec 31 fell 24.8 per cent to $156.4 million, while revenue rose 10.9 per cent to $519.5 million.

Full-year earnings per share fell to 2.33 cents from 3.1 cents previously, while net asset value per share fell to 14.6 cents from 17.9 cents a year earlier.

The company has proposed a final dividend of 0.1 cent a share.