Far East Orchard’s profits climb to $20.4m in Q2

New hospitality businesses fueled the rise.

Far East Orchard’s gross profit climbed to $20.4 million in Q2, $6.3 million higher compared to the same period last year.

According to the Group, the increase was mainly attributable to the newly acquired hospitality businesses, offset by the lower contribution from the euHabitat project.

Meanwhile, the Group’s revenue was $67.3 million, was $20.3 million higher than Q2 2013. Revenue from the hospitality division increased $32.3 million to $49.5 million for Q2 2014.

Revenue from the property development division decreased $12.2 million as compared with Q2 2013. The
revenue in Q2 2013 came primarily from the initial recognition of revenue from the euHabitat project based
on percentage of completion.