Category Archives: Developers

Fragrance Group posts 38% rise in sales to $57.7m in Q3

Posted on 15 Oct 2009 | Comments Off on Fragrance Group posts 38% rise in sales to $57.7m in Q3

Fragrance hotel and property group says it recorded a turnover of $57.7 million in the Third Quarter of 2009, a 37.9% increase from $41.83 million recorded in the corresponding period in 2008.

The property sector contributed $48.79 million or 84.6% of the consolidated revenue. This is an increase of about 51.1% from the $32.28 million contribution in the third quarter of 2008. Fragrance says major contributor to revenue in the third quarter 2009 included Parc Imperial, a condominium project with 138 units, Imperial Heights, City Regency and the landed housing projects at Wak Hassan Drive (8 units) & Penaga Place (18 units).

The hotel sector contributed $8.91 million or 15.4% to the total consolidated turnover. This represents a decrease of 6.7% from the $9.55 million in the corresponding period of 2008. This was mainly due to lower occupancy and room rates at existing hotels although these were partly offset by the revenue contributed by two new hotels that started operations after third quarter 2008. Continue reading →

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Lian Beng posts 168% surge in profit after tax to $5.4m for Q1

Posted on 15 Oct 2009 | Comments Off on Lian Beng posts 168% surge in profit after tax to $5.4m for Q1

Building construction group Lian Beng has reported a 168% surge in profit after tax to $5.4 million for the first quarter of its 2010 financial year, compared to $2 million a year ago. This was achieved on the back of a 128.6% rise in revenue to $85.1 million.

Lian Beng says the growth in revenue was driven by revenue recognition from the completion of projects like Ferraria Park, Sixth Avenue Condominium and Northwoods, as well as progress payments from existing projects such as the construction of Amber Residences, camp facilities at Kranji, Kovan Residences and Bellerive Condominium. Along with this, the group also saw higher revenue contribution from Ola Residences, a wholly-owned property development project. This, coupled with measures to improve operational productivity, helped to lift the Group’s bottom line accordingly.

With signs of improvement in the global economic situation, Lian Beng says the local private residential property market has also enjoyed a healthy and sustained level of interest. This momentum is expected to continue following the successful launch of various private property developments, and the rollout of government infrastructure projects.

During the quarter, the group clinched a contract worth $101 million for the construction of Waterfront Key, a private residential development in Bedok. This has helped to boost its order book to $545 million, which should ensure a steady flow of construction activity for the next three years, it adds.

The group expects to be participating in more tender activities for private and public projects over the rest of the financial year.

Source : The Edge – 15 Oct 2009

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