Amara Holdings

Amara Holdings: Recorded 3Q13 net profit of $3.9m (+5% y/y) and revenue of $18.5m (-11%). This brought 9M13 net profit to $10.9m (+54%) and revenue to $61m (+16%), mainly due to increased rental revenue from the re-opening of 100 AM in Nov '12 and the sale of development properties, while revenue contribution from the hotel investment and management segment decreased slightly. Amara expects the challenging economic conditions and the expected increase in the supply of hotel rooms in Singapore to weigh on the performance of its hotel investment and management segment. Within its property investment and management segment, group intends to launch a new residential property project in the upcoming quarters, and expects to receive stable revenue contribution from its newly renovated 100 AM shopping mall and office tower. NAV improved 3.6% to 50.24cts.