Far East Orchard profit nosedives 97.3% to $1m in Q2
The group is failing to beat operating challenges.
Hospitality firm Far East Orchard Limited is scrambling to keep things in order after its net profit fell 97.3% YoY to $1m for Q2.
According to the group’s financial statement, the share of profit from joint ventures crashed 99.8% from $36.7m to $52,000.
The company cited the absence of a one-time profit recognition in 2Q2016 from the sale of units in a joint venture property development project, SBF Center, which obtained its Temporary Occupation Permit in June 2016.
Its revenue also went down by 19.4% to $36m, no thanks to the completion of lease agreements in Australia and New Zealand last year and poor performance from its Australian assets.