Far East Orchard profit falls 10.6% to $59m in FY2024

Still, the group’s revenue rose 4.5% to $191.9m.

Far East Orchard's profit attributable to equity holders fell 10.6% to $59m for the year ended 31 December 2024, down from $65.9m in the previous year.

Despite the decrease in profit, the group’s revenue rose 4.5% to $191.9m, up from $183.6m in the previous year, largely driven by growth in its Purpose-Built Student Accommodation (PBSA) business. The Hospitality segment remained the largest revenue contributor, generating $126.5m.

Additionaly, operating profit increased 35.6% to $78.5m, supported by stronger performance across both business segments.

PBSA operating profit climbed to $37.1m, benefitting from rental growth, contributions from a Southampton asset acquired in May 2023, and the group’s 49% stake in PBSA operator Homes for Students, acquired in April 2024.

The Hospitality segment’s operating profit increased by $4.9m to $29.1m, bolstered by improved performance in Japan and Europe.

However, a major refurbishment project at a hospitality property in Australia, which began in October 2024, negatively impacted the segment’s overall performance.