SINGAPORE (Nov 9): Bonvests announced 3Q17 earnings decreased by 88% to $3.9 million from nearly $33 million in 3Q16.
Revenue for the quarter increased by 2.8% to $54.7 million from $53.2 million last year, mainly to higher revenue from the hotel and industrial divisions, partially offset by lower revenue from property-rental division.
Revenue for the hotel division increased 6.3% to $30.8 million from $29.0 million in 3Q16, due mainly to higher revenue from the hotels in Singapore, Tunis, Mauritius and Zanzibar, partially offset by lower revenue from the hotels in Australia and Maldives.
Revenue for the industrial division of $17.5 million increased by 3.1% from $17.0 million last year, due mainly to new contracts secured.
Revenue for the investment division increased by 36.4% to $30,000 from $22,000 last year, mainly due to the higher dividend income received.
Revenue for the property-rental division of $6.1 million was 11.6% lower than $6.9 million the previous year, due mainly to absence of rental income from certain investment properties that were divested in FY16.
Other income including interest income dropped 96.6% to $1.06 million compared to $31.2 million a year ago.
For 3Q17, the group recorded a loss of $0.6 million in changes in inventories of finished goods compared to a gain of $96,000 last year.
As at Sept 30, the group’s cash and cash equivalents stood at $26.4 million.
Shares in Bonvests closed at $1.42.
