SINGAPORE (May 8): Global Premium Hotels posted earnings of $3.2 million for the first quarter ended March, 4.9% lower from $3.4 million a year ago.
Group revenue in 1Q fell 3.8% to $14.0 million, from $14.5 million a year ago, mainly due to one hotel which had to close temporarily to facilitate asset enhancement works.
Administrative expenses of $6.9 million was 2.7% lower compared to a year ago, mainly due to decrease in staff costs, property tax, and lower repair and maintenance costs.
The group reported a foreign exchange loss of $92,000 in the first quarter, compared to a loss of $2,000 in 1Q16. This was attributed to its Australian operations.
Cash and cash equivalents stood at $4.5 million as at March 31, 2017.
Looking ahead, GPH says it expects further pressure on occupancy and room rates amid keen competition in the hospitality and tourism industry in Singapore and uncertainty in the global economy.
Shares of GPH last closed at 36.5 cents on April 27, when trading in its shares was suspended ahead of its delistment.
The stock closed at 36 cents on Monday before the announcement.
