August 16, 2012
The luxury hospitality operator managed to post a modest profit after a loss of SGD 7 million last year.
Banyan Tree Holdings posted a positive result for the second quarter of the year - a profit of SGD 644,000. Although a modest amount, the profit nevertheless signalled a recovery after last year's loss of SGD 7 million.
"The increase was also boosted by the recent acquisition of Banyan Tree Seychelles, part of our ongoing strategy of rebalancing our asset portfolio," said Executive Chairman Ho Kwon Ping.
Banyan Tree said that revenue for the quarter grew by 25% to SGD 79.28 million. Earnings per share stood at 0.08 cents.
Q2's profit brings the total net profit for the entire first half of the year to SGD 12.63 million - a surge of 316%. However, revenue fell 9% to SGD 162.3 million, mainly due to lower contribution from property sales.
However, more luxury units were sold in Q2, resulting in the group's property division enjoying an upturn.
Revenue for hotel investment climbed 20% to SGD 39.3 million during the second quarter, while property sales jumped by 136% to SGD 15.6 million.
Lastly, Banyan Tree's forward bookings for hotels in Thailand during Q3 rose 13% y-o-y while bookings outside Thailand were 16% lower, putting overall forward bookings down 7% for Q3.
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