Mainboard-listed luxury resorts operator, Banyan Tree, has narrowed its third quarter net loss to S$968,000 from S$4.9 million a year earlier.
It said on Thursday this was achieved on the back of good revenue growth from its hotel investments and management segments, coupled with cost-cutting measures.
Overall revenue for the three months ended September fell 14 per cent to S$71.2 million. This was mainly due to slower sales from its hotel residences and property sales segments, given the slowdown in the global economy.
Executive chairman Ho Kwon Ping said the third quarter results confirmed the belief that the worst is over. He added that the firm’s hotels’ forward bookings have continued to show a positive trend.
The resorts operator expects the business of its management, spa and design income segment to grow, in line with its strategy of global expansion. It also plans to open seven new resorts and 12 new spas in the next 12 months.
Source : Channel NewsAsia – 12 Nov 2009