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pub_date:Earnings jump to $34m as firm recognises income on more real estate developmentsSingaporeTHE second-quarter earnings of property developer and hotel operator Fragrance Group leapt 60 per cent year-on-year, as it recognised income on more real estate developments.存倉For the three months ended June 30, the company's profit attributable to equity holders was $34 million, up from $21.2 million a year ago.This works out to an earnings per share (EPS) of 0.5 cents, up from 0.3 cents.Fragrance Group booked a turnover of $152.4 million in the second quarter, an improvement of 49 per cent over the year.This was primarily from a higher input from the property development business, specifically from income recognised from two condominium projects, Parc Rosewood and Urban Vista.Hotel revenue edged up slightly.Not only was the property sector a key driver of growth in Q2, the developments that contributed income were more profitable as well. The gross profit margin of the property business increased to 42 per cent from 35.3 per cent a year ago, while that for hotel operations stayed fairly flat at 87 per cent.Overall, profit before taxation at Fragrance Group surged 66 per cent year-on-自存倉ear in the second quarter to $54.5 million.The board recommended a dividend of 0.1 cents per share.For the half year ended June 30, net profit was $51.6 million, up 19 per cent from last year. Turnover was 34 per cent higher at $263.4 million, as strong growth in property business contributions offset a slight dip for hotel operation income.The company expects to remain profitable for FY2013.It noted that homebuyers are "generally cautious" as a result of the cooling measures introduced by the government, but genuine demand is expected to remain fairly stable.Further, the company has a diversified portfolio that includes commercial and industrial projects, and expects demand for retail units and strata offices to be "stable and good" in the near term.While new visitor attractions such as the Marine Life Park and River Safari could support tourism numbers, uncertainties in the global markets could put pressure on room rates and thus, its hotel operations.But the company is "cautiously optimistic" that its economy and mid-tier hotels are resilient enough to face the challenges.Shares in Fragrance Group closed 2.1 per cent higher at 24 cents yesterday, before earnings were announced.迷你倉新蒲崗