Far East Orchard's (SGX:O10) profit after tax fell year on year in the nine months ended September, mainly due to the absence of SG$24.9 million in one-off gains recognized a year earlier, according to a Thursday filing to the Singapore bourse.
Higher acquisition-related amortization, lower currency translation gains, and higher tax expenses also contributed to the lower net profit.
The property group said hospitality performance remained broadly stable, with stronger contributions from owned properties in Australia and Japan offsetting weaker contributions from joint ventures affected by refurbishment works.
Performance in its purpose-built student accommodation (PBSA) segment declined amid lower occupancy in Newcastle and Sheffield, higher operating costs and amortization charges linked to its Homes for Students acquisition. Lettings for the 2026/27 academic year stood at about 86%, compared with 87% a year earlier.
Far East Orchard increased its stake in Far East Hospitality Trust's manager to 75% from 33% in October, while fully deploying its UK student accommodation development fund across three projects totalling 956 beds.
