Property developer Fragrance Group on Thursday reported a 30 percent increase in net profit for the third quarter, boosted by increased contribution from its property development segment.
Net profit rose to S$4.2 million in the three months ended September 30 compared to S$3.2 million in the corresponding last year, the company said in a regulatory filing.
Turnover jumped about 70 percent to S$55.9 million from the previous year, mainly due to the strong performance of its property development and hotel segments.
Property development segment contributed S$45.07 million in the third quarter of 2017 which is 59.4 percent higher than S$28.27 million recorded in the corresponding period of 2016.
Contribution of S$5.1 million from hotel segment came from the Group's hotels, ibis Styles Hobart, in Australia; and hotels in United Kingdom namely the Lyndene Hotel, The Townhouse Hotel, The Crown Hotel, and The Imperial Hotel, the company said.
Gross profit margin declined to 32.4 percent in the quarter compared with 39.6 percent last year due to the lower margin contributed by the City Gate project and the sale of bungalow at Wak Hassan.
Earnings per share rose to 0.06 Singapore cent in the quarter from 0.05 Singapore cent previously.
Finance costs increased marginally by $0.07 million in the third quarter.
Shares in Fragrance closed down 1.8 percent at S$0.16 on Thursday.
