Far East Orchard’s H1 profit jumps 259.2% on strong PBSA segment earnings

The PBSA segment reported a 22.8% YoY revenue increase.

Far East Orchard’s profit after tax (PAT) surged 259.2% year-on-year to $19.7m in H1 2024, fueled by strong performance in its Purpose-Built Student Accommodation (PBSA) business.

In a bourse filing, Far East Orchard reported that its PBSA segment achieved higher earnings of $29.2m, driven by resilient rental growth and contributions from the Emily Davis asset in Southampton.

The PBSA segment contributed the highest revenue increase of $5.5m, or 22.8%. However, the hotel segment generated a larger portion of total revenue, amounting to $62.4m. 

Alongside its net profit, the company also reported a 220.0% YoY increase in profit attributable to equity holders, reaching $18.2m.