Far East Orchard, a diversified real estate developer, on Thursday reported a 97.3 percent slump in second-quarter profit due to the absence of a one-time gain from sale of units and lower profits from the hospitality assets in Australia.
Net profit plunged to S$1 million in the quarter from S$37 million a year earlier.
Far East Orchard said it earned a one-time gain in the last quarter from the sale of units in a joint venture property development project, SBF Center.
Revenue fell 19.4 percent to S$36 million in the quarter ended June 30 owing to completion of certain onerous lease agreements in Australia and New Zealand in late 2016 and weaker performance from the two hospitality assets in Perth, Australia.
Shares in the Singapore-listed firm fell 1.6 percent at S$1.53 as of 0420 GMT in a broader market that was down 0.13 percent. Stock has gained 3 percent so far this year.
