GL Limited posts 41% rise in earnings to US$68 mil for FY16

SINGAPORE (Aug 29): GL Limited, known formerly as GuocoLeisure, posted a 41% rise in earnings to US$67.6 million ($92 million) compared to a year ago, lifted by lower finance costs, income tax expense and administrative expense.

Revenue declined 7% to US$393.9 million, dragged down by lower hotel revenue as a result of the weakening of the GBP against the USD during the year, which was exacerbated by a further fall in USD terms following the Brexit referendum.

Moving forward, the group expects an extended period of volatility for the hotel industry in the UK as businesses adjust to a post-Brexit environment.

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