Resort developer Banyan Tree Holdings has grown its revenue in Q2 2013 on the back of strong contributions from its hotel assets.
Revenue from hotel investments increased 17 percent to S$46.2 million in the quarter, boosting total revenue by three percent to S$81.7 million.
During the same period, the company's operating profit inched up by two percent to S$13.1 million while profit after tax and minority interest (PATMI) rose by 163 percent to S$1.7 million. This was mainly attributed to the performance of hotel investments in Thailand and Maldives. Another factor was the lower depreciation and interest expense following assets rebalancing.
For the first half of 2013, Banyan Tree's overall revenue was up 10 percent to S$178.6 million while operating profit climbed 14 percent to S$46.3 million. PATMI grew 26 percent to S$15.9 million.
Ho Kwon Ping (pictured), Banyan Tree's Executive Chairman, said: "The performance in Q2, it being our low season of the year, was in line with our expectation. For the half year, PATMI was ahead of last year by 26 percent. Going forward, the continuing favourable performance from our Thai hotel operations given the absence of events risk and the resilient tourism industry should sustain our performance for the next two quarters."
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org