Hotel Grand Central reports 16% fall in 1Q18 earnings to $6.7 mil on forex loss

SINGAPORE (May 14): Hotel Grand Central, the operator and owner of, reported 1Q18 earnings fell 16% to $6.7 million from nearly $8 million a year ago.

The decrease in the group's net profit was impacted by a foreign exchange loss during the quarter of $2.34 million compared to a gain of $517,000 a year ago.

The foreign exchange loss arose principally due to the translation of Australia and New Zealand dollar fixed deposits held by the company at lower Australia and New Zealand dollar exchange rates respectively against the Singapore dollar.

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