Fragrance Group

Fragrance Group: Announced 1Q13 results which were boosted by contributions from non-controlling interests. 1Q13 rev at $110.5m, +17.3% yoy, while net profit at $17.6m, -20.2% yoy. Stronger topline was led by grp’s property segment which saw rev +20.9% to $96m, due to the rev contribution from Parc Rosewood, the ongoing residential condominium project, in which the Group has 60% interest. Other projects that contributed to revenue during this period include Suites @ Paya Lebar, Suites @ Bukit Timah and Parc Elegance. The grp’s hotel segment saw rev shrink 2.1% to $14.5m due to the marginally lower Average Occupancy Rate (AOR) of 89.6% and Revenue per Available Room (RevPAR) of $91.41 in 1Q13 vs AOR of 91.7% and RevPAR of $91.70 in the previous yr. Going forward, the grp note that uncertain global economic conditions and the expected addition of more hotel rooms in Singapore are likely to contribute to a more competitive operating landscape for the Singapore hospitality market. Nevertheless, believes that the performance of its economy-tier and mid-tier hotels will continue to be resilient. Barring unforeseen circumstances, the Group expects to remain profitable in FY13.