SINGAPORE: Real estate firm Fragrance Group reported that its first-quarter earnings contracted on the back of lower contributions from its property development and investment segments.
Net profit for the three months to March 31 fell 32.2 per cent to $16.4 million, down from $24.3 million in the same period last year.
Revenue from continuing operations came in at $87.8 million, down by 21.3 per cent, owing to lower contributions from its property development sector, which saw its revenue drop 20.1 per cent to $83.19 million.
“This was mainly due to the lesser number of ongoing development projects as compared to the first quarter of 2014,” said the group in a statement.
