Luxury resort operator has reported a 25% y-o-y drop in revenue to $56.5 million for 1HFY2021, as the pandemic continues to affect its business.
However, its net loss has been reduced by 13% y-o-y to $42.6 million from $49.2 million, as the company cut costs, made gains from sale of properties.
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While the resort business remains difficult, the company notes some bright spots, such as its branded residences and extended stay segment.
“Most markets with exception of Southeast Asia have gradually relaxed travel restrictions, resulting in uptick of fee-based segment including hotel management fees,” says Banyan Tree.
The company is keeping an eye on expansion, with two new properties opened in 1HFY2021: Dhawa Quzhou (China) and Angsana Corfu (Greece).
It has also signed 13 hotel management agreements and two franchise agreements in 1H2021.
This coming 12 months, there will be ten hotels opening in Indonesia, China, Qatar, Mozambique and Saudi Arabia.
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Over the next three years, 43 new properties are expected to open in line with the group’s ambition to double its operating footprint by 2025, the company says.
As at 10.19am, Banyan Tree shares traded at 32 cents.
