Mainboard-listed luxury resorts operator Banyan Tree is back in the black in the fourth quarter.
Banyan Tree booked a net profit of S$2.97 million – a sharp reversal from the S$6.9 million loss in the same period a year ago.
For the whole of 2009, net profit came in at S$3 million. This was a 57 per cent drop on-year. Banyan Tree said the fall was due to a strong first half in 2008.
Its bottomline was also hurt by the global economic downturn and political events in Thailand.
Going forward, Banyan Tree expects the positive trend from the fourth quarter to continue into the first quarter of 2010.
It is opening six hotels over the next 12 months in places like China, Mexico and South Korea.
Source : Channel NewsAsia – 25 Feb 2010