Property developer Fragrance Group has announced that its net profit for the second quarter fell 4.9 percent to $16.8 million, compared with $17.7 million over the same period last year. Revenue also dropped 24.3 percent to $60.2 million, compared with $79.5 million in the previous year.
The company’s property sector has contributed 81.8 percent, or $49.26 million to the total consolidated revenue, a decrease of 30.8 percent from the total contribution of $71.20 million in Q2 2009. While landed homes at Sennett Road and other projects such as Suites & Icon @ Change, Prestige Loft, The Cotz, Eastwood Regency, Prestige Heights, Park Elegance and Park Imperial made a significant contribution to the company’s Q2 revenue, its major contributor is the landed housing project at Kerong Lane.
Meanwhile, its hotel sector has contributed 17.2 percent or $10.35 million to the total consolidated revenue, an increase of 30.3 percent from the $7.94-million contribution in Q2 2009. The higher revenue in the hotel sector was attributed to the higher room and occupancy rates.
Looking ahead, Fragrance Group is expecting to achieve higher profits this year compared to last year.