Far East Orchard triples net profit in FY23

Net profit for the period was $66.0m.

Far East Orchard Limited saw its net profit triple to $66.0m in FY23.

In a bourse filing, the company attributed its improved net profit to fair value gains on investment properties of $58.3m.

The fair value gains were mainly from the company’s UK Purpose-built Student Accommodation (PBSA) portfolio.

In the same period, the company recorded a 30.3% YoY higher revenue of $183.6m.

With improved net profit and revenue, Far East Orchard’s earnings per share ballooned to $0.137 in FY23 from $0.047 in FY22.

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