SINGAPORE - Property developer Fragrance Group on Thursday night posted a net profit of $98.4 million for the third quarter, 41 times the $2.4 million profit in the year-ago period.The improved earnings for the three months ended Sept 30 came on the back of $110.9 million in other operating income, compared to other operating loss of $104,000 a year ago.
This was largely thanks to a fair value gain on Fragrance's investment property located on Lot 01958P MK01. The group obtained a grant of provisional provision for a hotel development on the site, and the change of use substantially increased the property's underlying land value, which was accounted as a fair value gain of some $117 million in Q3.Revenue sank 64.6 per cent to $15.8 million, down from $44.
Two new development projects in Singapore, Jervois Treasures and Urban Treasures, are in their early stages with no revenue contribution to-date, Fragrance said on Thursday. Revenue from the commercial investment segment decreased by 6.2 per cent as the Tower 15 property's redevelopment plans are in progress.Shares of Fragrance were down 0.1 cent or 0.8 per cent to 12.6 cents at Thursday's close, before the results were released.