SINGAPORE (Aug 11): Wheelock-owned Hotel Properties posted earnings of $16.3 million for the 2Q17 ended June, up 23.3% from the $13.2 million reported a year ago on the back of increased revenue over the quarter.
The group achieved a revenue of $190.2 million for 2Q17, representing a 46.6% increase from the $129.7 million recorded in 2Q16 due mainly to the sale of completed condominium units from the group’s Tomlinson Heights development.
Contribution from the group’s resorts in the Maldives also improved with the completion of upgrade of water villas at the Four Seasons Resort Maldives at Kuda Huraa, says the group in its filing on Friday.
Share of results of associates and jointly controlled entities, however, fell to $304,000 over the quarter from $11 million a year ago, mainly due to lower contribution from d’Leedon condominium development at Farrer Road, Singapore.
Hotel Properties says its two property development projects in London, Burlington Gate and Holland Park Villas are on track for completion later this year.
It also expects the three hotels which it acquired – Four Seasons Resort Langkawi, DoubleTree by Hilton Hotel London – Ealing, and Hilton London Olympia – to contribute to the group’s operating performance in the coming quarters ahead.
Looking ahead, the group says it expects the business environment to remain challenging with continuing uncertainties in both global economic and political environments.
Shares of Hotel Properties closed 2 cents lower at $3.85 on Friday.
