Hotel Properties posts 8.2% growth in 2Q earnings to $13.2 mil

SINGAPORE (Aug 11): Hotel Properties Limited saw 2Q16 earnings rise 8.2% to $13.2 million from a year ago due to higher share of results of associates and JVs.

Revenue fell 20.8% to $129.7 million in the quarter to June, due to lower contributions from the Tomlinson Heights condominium development, weaker demand at its Maldives resorts, and the ongoing refurbishment works at Four Seasons Resort Maldives at Kuda Huraa.

Share of results of associates and jointly controlled entities rose 11-fold to $11 million, from the higher profit contribution from d’Leedon condominium development at Farrer Road. In addition, the group had made further investments in an associate which had completed the acquisition of Ludgate House and Sampson House in London, while another jointly controlled entity completed the acquisition of The Nam Hai, a five-star beachfront resort in Vietnam.

---

Related Stories

• Sri Trang Gloves posts net loss for 3QFY2024 on rapid appreciation of baht
• Multi-Chem's 3QFY2024 earnings down 23% y-oy to $7.1 mil
• Old Chang Kee posts earnings of $6.2 mil in 1HFY2025, up 42.3% y-o-y on higher sales and lower costs

---