Orchard Parade’s Q1 net profit at S$9.3m, revenue up 140% at S$28.1m

Mainboard-listed Orchard Parade Holdings says its first quarter net profit jumped to S$9.3 million sing dollars for the period ended March 31.

This compared to net profit of S$107,000 posted in the same quarter a year ago.

The improved profit came on the back of higher revenue and a gain from the revaluation of its investment properties.

The revaluation saw a S$1.6 million gain compared to a loss of S$3.1 million in the same quarter the previous year.

Meanwhile, revenue for the quarter rose more than two-fold or 140.2 per cent to S$28.1 million, this is compared to S$11.7 million last year.

According to the company, the increase was largely due to sales from its property development, Floridian, which amounted to S$12.4 million.

Looking ahead, Orchard Parade says it is optimistic, as business conditions continue to improve.

It further adds that the company will continue to drive sales of the Floridian.

Source : Channel NewsAsia – 28 Apr 2010

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