Profit of Far East Orchard rises 18.8% YoY to $7.6m in 9M23

The company attributed improved financial performance to the strong recovery of its hospitality business.

Far East Orchard reported a $7.6m profit attributable to its equity holders in 9M23, translating to an 18.8% YoY increase.

In the same period, the company saw a 36.7% YoY increase in its revenue, hitting $134.1m.

Far East Orchard attributed its improved revenue to its hospitality business, which recovered strongly with international travel demand.

Despite higher revenue, the company’s profit after tax was flat in 9M23 at $7m due to higher operating expenses, higher financing costs driven by the rising interest environment, and the absence of one-off gains in the prior period including the de-recognition of lease liabilities recognised in the first half of FY22.