Overall forward bookings in this segment however grew to 11% above the same period last year, mainly due to hotels outside of Thailand.
SINGAPORE (May 16): Banyan Tree Holdings reported a 74% decline in 1Q19 earnings to $5.2 million from $20.2 million on the back of lower revenue, as well as the absence of one-off gains from the dilution of the group’s interest in its China entities.
Revenue fell 17% to $81.2 million from $98.2 million in 1Q18, mainly attributable to lower contributions from the Hotel Investments segment in the absence of revenue from Banyan Tree Seychelles, which was sold in Nov 2018, as well as from Banyan Tree Phuket due to ongoing renovations.
