Property developer Fragrance Group said its net profit rose 42.6 per cent on-year in the first quarter to S$14.4 million.
But turnover fell 17.7 per cent to S$41.8 million due to lower contributions from its property development operations.
However, this was partly offset by an increase in revenue contribution from its hotel business.
Going forward, Fragrance said it intends to launch another two landed housing projects with a total of 21 units and a mixed development project with 88 units this year.
It also recently acquired another plot of land which can yield approximately 116 condominium units.
The company said these projects are expected to contribute positively to its turnover for this financial year and beyond.
Fragrance also expects occupancy and room rates at its hotels to have a positive impact from the expected influx of tourists when the two integrated resorts are fully operational.
Barring unforeseen circumstances, the group expects to remain profitable in 2010.
Source : Channel NewsAsia – 28 Apr 2010