Far East Orchard (SGX:O10) flagged a year-over-year decline in first-quarter profit after tax, while operating profit increased slightly.

The Singapore-listed real estate developer attributed the decrease to the absence of a SG$9.1 million one-off gain in the year-ago period and higher tax expenses, according to a Thursday filing.

The company also noted a highly uncertain operating environment, adding that it does not expect a significant near-term impact from rising energy prices but warned of pressure on margins if it and higher labor costs persist.