SINGAPORE: Property group Orchard Parade Holdings posted a 36.3 per cent increase in net profit to S$36 million for the nine months ended September as compared to last year.

The improved performance was attributed to the group's hotel business which saw higher room rates.

The company also saw lowered costs and improved contributions from associated companies.

Revenue for the period slipped 18.3 per cent to S$54.4 million.

For the third quarter ended September 30, the group's net profit rose 94% to S$14.7m. Revenue for the same period increased 17.2% to $19.2m.

In a statement to the Singapore Exchange, Orchard Parade said it will continue to promote its Floridian project in Bukit Timah in the face of the challenging market environment. - CNA/vm