Global Premium Hotels posts 8.5% fall in earnings to $3.2 mil in 3Q

SINGAPORE (Nov 3): Global Premium Hotels posted a 8.5% fall in earnings to $3.2 million in 3Q16 from a year ago on the back of lower revenue.

Revenue fell 6.3% to $15.2 million. Revenue from hotel room fell 6.3% to $15 million due to lower revenue recognized from most of its hotels including those closed temporarily floor by floor for asset enhancement works.

Rental income fell 8.2% to $256,000 due to expiring and change of certain tenancies of commercial units in one hotel premises.

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