However, revenue for the reporting period came in 8.6% y-o-y lower at $46.5 million, and operating profit declined 4.4% y-o-y to $17.3 million for 1QFY2025.
This is due to lower contributions from the hospitality business segment, which has been impacted by ongoing refurbishment works at Rendezvous Hotel Perth Scarborough (RHPS).
Far East’s overall performance was bolstered by stronger contributions from its purpose built student accommodation (PBSA) segment and the property development segments.
Its acquisition of a 49% stake in the PBSA operator HFS in April 2024 has started contributing positively to the share of results in 1QFY2025. The group recently acquired a second development site in Manchester this April.
See also: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil
Shares in Far East Orchardclosed 1 cent higher or 0.971% up at $1.04 on May 8.
