Orchard Parade’s net profit up 36% to S$36m for 9 mths ended Sept

Property group Orchard Parade Holdings posted a 36.3 per cent increase in net profit to S$36 million for the nine months ended September as compared to last year.

The improved performance was attributed to the group’s hotel business which saw higher room rates.

The company also saw lowered costs and improved contributions from associated companies.

Revenue for the period slipped 18.3 per cent to S$54.4 million.

In a statement to the Singapore Exchange, Orchard Parade said it will continue to promote its Floridian project in Bukit Timah in the face of the challenging market environment.

Source : Channel NewsAsia – 10 Nov 2008

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