Notwithstanding lower revenue, operating profit grew 22-fold to $36.8 million over 4Q16 as Banyan Tree recognised higher contributions from its hotel investments segment, largely because of strong performances from the group’s resorts in Thailand.
SINGAPORE (Feb 23): Banyan Tree Holdings, the manager and developer of luxury hotels, resorts and spas in Asia, has declared $8.5 million in 4Q earnings on higher operating profit – a turnaround from the $18.4 million loss posted in 4Q15.
Revenue for the quarter fell 35% to $81.3 million from $123.2 million a year ago, mainly due to lower revenue recognition from property sales. This largely resulted from the absence of substantial profit recognitions from Cassia Phuket and Laguna Park Phuket as income from their sold units were recognised over the course of 3Q15 and 4Q15 when the keys were progressively handed over.
