HARRY’S Holding, the largest bar chain operator here, is looking to buy a small hotel in Singapore as its food and beverage business is saturated, the company told Reuters.
Chief executive Mohan Mulani said the firm – listed on Phillip Securities‚ OTC Capital – was looking for opportunities, but not looking to open more F&B outlets. Instead, he wants to buy a small boutique hotel with around 70 to 80 rooms.
He also said the chain’s net profit last year would be below the US$2 million ($3.1 million) for 2007, due to some “non-performing” venues, and despite last year’s revenues coming in higher. Harry’s is due to release its 2008 earnings at the end of this month.
Mr Mulani said the global financial crisis was not having a significant impact on sales at Harry’s. Still, the chain has closed down four outlets and is now down to 29.
Source : Today – 10 Mar 2009