Far East Orchard improves earnings in H1 due to border opening
Its earnings reached $8m compared to $1.9m loss in the previous year.
After economic recovery and travel revival, Far East Orchard improved its earnings to $8m in the first half (H1) of 2022 from $1.9m loss in H1 2021.
Its purpose-built student accommodation business posted a healthy occupancy rate of over 85%, the company said in its financial statement.
There was also an increased share of profits from its hospitality joint ventures in Australia and Europe on the back of “derecognition of lease liabilities of $7.6 million and government grants received in Germany.”
But the company said it remains cautious in the second half of the year as geopolitical tensions and inflationary pressures continue.