Amara Holdings net profit climbed an impressive 118.1% to S$18.1m

That's excluding FV gain on investment properties.

Mainboard-listed Amara Holdings (Amara) credited its strong performance to rising group revenue, which is up by 46% to S$90.3 million, mainly due to higher sales of development properties. The Group announced a net profit of S$29.4 million for the full year ended December 31, 2012 (FY2012).

Mr Albert Teo, Chief Executive Officer of Amara said, “Our robust sale of development properties amounting to approximately S$26.0 million contributed positively to our strong revenue growth. Operationally, without fair value adjustments for both years, our bottomline has improved tremendously.This is reflective of the market’s growing demand for Amara’s property offerings, which are synonymous with value, quality and style. We launched CityLife@Tampines together with our JV partners in November 2012, which received an overwhelming response, with most units snapped up within the first day of launch. We have also completed extensive renovation for our rebranded 100 AM shopping centre, which is now close to full occupancy.”

The Group also reported favorable operating results. Excluding fair value gain on investment properties in FY2011 and FY2012, Group Net Profit surges 118.1% to S$18.1 million in FY2012 from S$8.3 million in FY2011. Hotel Investment and Management segment contributed 61.9% or S$55.9 million while Property Investment and Development segment made up 34.1% or S$30.8 million. Specialty Restaurants and Food Services segment constituted 4% or S$3.6 million to Group Revenue in FY2012.

Amara Holdings expects its new mall, 100 AM, to contribute strongly to Property Investment and Development. The Hotel Investment and Management segment will continue to contribute positively to Group Revenue. The Group has also proposed a final dividend of 0.6 cent per ordinary share.

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