Staff Reporter ,Singapore
The weak AUD is to blame.
Far East Orchard reported that its net profit tumbled 75.3% to $3.5m in the first quarter.
The decline was blamed on the weakening of the AUD against the SGD on its Australian investments.
The group also recognised net losses of $6.3m in the quarter compared to net gains of $4.9m in the same period last year, caused again by currency translation losses for the group’s funding of its Australian businesses.
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