Following IPC’s divestment of nine hotels in Japan in 2015 and a cash distribution of $1.60 per share to shareholders in 2016, the group has transformed its business model into an asset-light hotel management business.
SINGAPORE (Jan 30): IPC Corporation, the property investment and development, hotel management and investment holding company, reported after-tax profit amounting to nearly $25 million, reversing from losses of $4.8 million for FY17.
This was driven mainly by higher fair value gain on financial assets of nearly $30 million due to its ownership of preference shares in Nest Hotel Japan Corporation (NHJC). A company incorporated in Japan, NHJC is primarily engaged in the business of hotel management, operations and investment, The group operates and manages 12 hotels in Japan under the “Nest”, “Tissage” and “Bespoke” brands.
