Far East Orchard has reported earnings of $17.3 million for 1QFY2025 ended March 31, 2025, more than double from the same period a year ago.
Profit after tax for the period came in at $17.1 million for 1QFY2025, also double than that from a year ago. This is due to the acquisition of an additional 6.7% interest in Woods Square in January 2025, arising from higher fair value of net assets acquired over the purchase consideration. The one-off gain amounted to $9.2 million.
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: ComfortDelGro’s subsidiary Vicom reports profit after tax of $7.52 mil for 1QFY2025 up 7.4% y-o-y
Shares in Far East Orchardclosed 1 cent higher or 0.971% up at $1.04 on May 8.
