Far East Orchard Ltd. (SG:O10) has released an update.
Far East Orchard Ltd. has reported a substantial increase in net profit, reaching S$6.5 million in the first quarter of FY2024, a 54.8% rise compared to the same period last year. This growth was largely fueled by the company’s Purpose-Built Student Accommodation (PBSA) business and stable contributions from their hospitality segment. Amidst persistent macroeconomic challenges, the company also highlighted the promising acquisition of the UK’s largest independent PBSA operator, which is expected to bolster its recurring income.
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