SINGAPORE : Banyan Tree Holdings has posted a net loss of S$2.78 million in the third quarter.
That is 4 per cent lower than the same period last year, when the manager and developer of premium hotels booked a net loss of S$2.89 million.
In a stock exchange filing, Banyan Tree said the loss was expected, given that it is a "low season period", coupled with the weak global economy.
For the third quarter, revenue increased by 19 per cent on-year to S$78.7 million, mainly driven by higher contributions from hotel investments in Phuket and Seychelles, as well as royalty fees from the sale of condominium units at Banyan Tree Signatures Pavilion in Kuala Lumpur and project design fees in China.
Banyan Tree Signatures Pavilion, its first hotel-residence concept with 441 residential units, has been sold out.
Meanwhile, the company said 11 Banyan Trees residential units in Mexico have also be sold to date, almost three times more than last year, when just three units were sold.
Banyan Tree said it continues to see recovery in key markets and full-year profit is expected to be higher than last year, barring unforeseen circumstances.
In the last financial year, Banyan Tree garnered a net profit of S$1.56 million.
It added that forward bookings is ahead by 20 per cent from the same period last year, while property sales in the third quarter doubled to S$10.3 million.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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