Fragrance's Q3 net profit down 88.9% to $3.2m

Lower property development contributions badgered its earnings.

The recent quarter ending in September was not as pleasant as Fragrance Group wanted it to be. Its net profit for the said quarter slumped 88.9%, from $28.9m to $3.2m. The badgered earnings was due to the lower contributions from its property development segment.

According to the group, revenue contribution from the segment decreased by 52.3% in 2015, contributing only $28.7m. Meanwhile, its property investment segment contributed $4.70m to the group's headline, a 1.1% decrease from the $4.75m contribution last year.

The group claimed that even with the weak market sentiment, it has sold almost all of its residential units in Singapore. Its City Gate project composing of flats and commercial units has 85% of its units already sold.