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Fragrance’s 1Q earnings fall 68% to $5.3 million, expects losses in 2Q

Trinity Chua Published on Thu, May 12, 2016 / 8:28 PM GMT+8

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SINGAPORE (May 12): Property developer Fragrance Group’s 1Q earnings plunged 67.8% to $5.3 million.

Revenue fell 74.1% to $22.7 million as a result of fewer ongoing development projects. Rental income fell in 1Q from contributions from Tower 15.

Gross profit margin fell from 33.8% to 31.5% due to additional costs incurred for one of its property development projects.

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