Fragrance

Fragrance: Proposes 1 for 1 bonus issue to increase liquidity and affordability of its shares and to increase issued share cap base. A total of 3.36b shares are proposed to be issued. Rev increased by 81.8% yoy to $94.3m. Net profit at $24.7m, up 72.9% yoy. Property development sector contributed 96.9% higher yoy, forming approx 84.2% of total rev after listing of Global Premium Hotels. This was mainly due to the maiden revenue contribution from Parc Rosewood, a JV condo project which commenced construction during this period following its successful sales launch. On-going residential projects namely Parc Elegance, Icon and Suites @ Changi, Suites @ Bukit Timah, Le Regal, Suites @Eastcoast and Suites @ Payalebar have also contributed to rev during this period. Hence gross profit surged by 72.2% to $42.6m. Outlook co remains positive with increases in gross profit margins from the projects that contributed rev during 1Q2011. Finance costs decreased by $0.06m in the 1Q2012 pertaining to hotel loans. Co is intending to develop 2 more sites: a sea-front landed detached housing in Wak Hassan Drive and a residential-commercial site at Pasir Panjang. Acquisitions include Tai Keng Court, Key Point and industrial land near Aljunied MRT for future development. NAV was approx 24.6c for the quarter. Co currently trades at P/B of 0.55x