Far East Orchard, a listed subsidiary of Far East Organization, has posted a disappointing second quarter performance with net profit plunging 54.7 percent to S$7.3 million from S$16.1 million previously, media reports said.
This despite a 35.2 percent increase in revenue to S$45.6 million during the period, supported by its property development business which accounted for S$27.8 million in the latest quarter compared to S$19 million in Q2 2012.
A contributing factor was revenue recognition from the developer’s euHabitat project. Located in Paya Lebar, the 748-unit residential development comprises a mix of housing types such as SOHO-concept homes, condominiums and townhouses on a 99-year lease.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email email@example.com