SINGAPORE (Feb 27): Hotel Properties recorded a 27% rise in FY16 earnings to $103.5 million from a year ago.
The bottomline was lifted by a gain on disposal of two plots of land in Bangkok, Thailand, which increased other operating income to $62 million from $22.3 million a year ago.
Revenue fell 0.3% to $577.6 million, dragged down by lower contribution from the hotels and resorts, particularly those in the Maldives, which were affected by softer demand and on-going refurbishment works.
The group’s share of results of associates and jointly controlled entities decreased from $36.2 million to $34.7 million mainly due to lower contributions from the Interlace and d’Leedon condominium developments in Singapore.
Looking ahead, challenges remain, with the continuing uncertainties in the global economic and political environment. Nevertheless, our hotels and resorts are expected to continue to provide a recurring income stream for the group.
On the property front, the construction of the Holland Park Villas and Burlington Gate developments in London, which the group has 50% and 65% interest in, are expected to be completed later this year.
Shares of Hotel Properties closed 2 cents lower at $3.76.
