Far East Orchard’s 3Q earnings more than double to $10.5 mil

SINGAPORE (Nov 10): Far East Orchard has reported earnings of $10.5 million for 3Q16, more than double the $4.1 million earnings in 3Q15.

For the quarter to Sept, revenue fell 12.7% to $45.7 million, owing to the absence of progressive revenue recognised in 3Q15 for the euHabitat residential development project, the early termination of the onerous lease agreement for Rendezvous Hotel Adelaide in

September 2015 and the end of the onerous lease agreement of Rendezvous Hotel Auckland in September 2016.

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