SINGAPORE (Nov 10): Hotel Royal reported 3Q earnings rose 29.3% to $2.9 million, or 3.44 cents per share, on higher revenue and lower tax expenses.
Revenue was 4% higher at $15.7 million mainly due to higher contribution by Hotel Royal Bangkok@Chinatown which resulted from higher room revenue and higher food and beverage sales. In tandem with higher revenue, cost of sales rose 8.2% to $7.1 million.
Income tax expenses, however, fell 51.7% to $526,000 from $1.1 million a year ago.
In its outlook, Hotel Royal expects to meet more challenges ahead, in view of the highly competitive hospitality industry in Singapore, Malaysia and Thailand, the group expects to meet more challenges ahead.
Going forward, the group will continue to explore opportunities to deepen its presence in the existing markets, enhance its hotel assets and monitor our room occupancy and room rates, in order to enlarge its asset base, customer base and market share.
Shares in Hotel Royal closed at $4.03 on Friday.
