SINGAPORE (Apr 27): GL Limited, formerly known as GuocoLeisure, saw its earnings jump more than five-fold to US$24.0 million ($31.8 million) for the 3Q ended March, from US$4.4 million a year ago.
This was mainly due to other operating income of US$28.1 million due to compensation from the compulsory acquisition of one hotel property and a recovery of legacy loan which has been written off previously.
3Q18 revenue rose 9% to US$74.3 million, from US$67.9 million a year ago, due mainly to the strengthening of the British pound and Australian dollar against the US dollar.
As at end March, cash and cash equivalents stood at US$110.7 million.
Looking ahead, GL says it maintains a cautious outlook as trading continues to be challenging in the London hotel market.
However, it notes that relatively high occupancy rates and events like the Royal Wedding in May could provide some uplift to performance.
Shares of GL closed half a cent down at 82 cents on Friday.
