,Singapore

Far East Orchard records net loss of $20.8m in September

The ongoing lockdowns continued to weigh down the group's hospitality segment.

Far East Orchard Limited recorded a net loss of $20.8m for the nine months ended 30 September 2021 amid the continuing impact of the pandemic on the hospitality business. The Australian dollar also weakened against the Singapore dollar during the quarter, resulting in an exchange loss of $5.0m in 9MFY21.

The losses were cushioned by operating profit from the purpose-built student accommodation (PBSA) business segment, rental income from medical suites, businesses from government isolation and movement control order in Singapore.

CEO Alan Tang said, "The disruptions caused by the prolonged pandemic has been unprecedented and we continue to take active steps to minimise the impact. Even with the progressive easing of restrictions, recovery will be gradual and will take time. The two core pillars of the hospitality and PBSA in our lodging platform strategy continue to be effective in supporting our pursuit of the diversification strategy."

Some of the steps Tang mentioned are the opening of Oasia Resort Sentosa, the first spa resort property, and the maintenance of 80% PBSA occupancy in the UK.

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