Hotel investments generated $48.1 million, 1% higher than 4QFY2018 on income from the addition of 45 rooms to Banyan Tree Phuket. However, the segment was partially hit by an under performance of its hotels in Maldives due to stiff competition from new luxury hotels that opened there last year.
SINGAPORE (Feb 27): Earnings of resort-developer Banyan Tree soared 127% to $12.8 million for 4QFY2019 ended December from $5.6 million a year ago, following higher revenue contributions across its business operations.
Revenue for the quarter was up 71% to $158.5 million. Income from property sales was up three-fold to $92.4 million, following the completion of its Cassia Phuket condominiums which recognised revenue from 188 units.
