SINGAPORE (Feb 26): Hotel Properties, which owns the Four Seasons and Hilton hotels in Singapore, reported a 68% rise in FY17 earnings to $179.5 million from $108.6 million a year ago on higher sales and share of results of associates and JVs.
Revenue rose 14.1% to $659.2 million mainly due to sale of completed condominium units from the Tomlinson Heights development as well as better performances by the group’s hotels and resorts.
These contributed to an increase in cash generated from operations to $306 million for the year under review from $159.6 million last year.
Other operating income decreased to $17.9 million for FY17 from $62 million in FY16 due to the absence of an extraordinary gain on disposal of two plots of land in Bangkok, Thailand last year.
The group’s share of results of associates and jointly controlled entities increased to $128.9 million from $34.7 million mainly due to profits from the Burlington Gate and Holland Park Villas in London, upon completion of both development projects.
For the year ended Dec 31, 2017, the group achieved record profit before income tax of $217.3 million compared to $135.5 million last year.
Hotel Properties says the global economic outlook remains largely positive, although the group’s hotels and resorts continue to face potential risks of adverse political or environmental conditions in certain countries which the group operates in. Such risks, however, should be mitigated with the group’s diversified and quality portfolio of assets.
The board has recommended a first and final one-tier tax exempt cash dividend of 4 cents per share, and a one-tier tax exempt special dividend of 6 cents per share.
Shares in Hotel Properties closed 2 cents higher at $3.74.
