Hotel Properties’ Q1 net profit down 8.8%

Mainboard-listed Hotel Properties said its net profits fell 8.8 per cent on-year to S$9.8 million for the first quarter ended March 31.

Its revenue edged up 0.5 per cent to S$120.1 million compared to the same period last year.

The group said although its hotels in Singapore achieved higher occupancies, those in Bali and Maldives had lower room rates due to strong competition.

Looking ahead, Hotel Properties said that while the economy has shown signs of recovery, uncertainties still remain amid the fiscal crisis in the Eurozone economies.

It also said its two proposed condominium developments at the former Beverly Mai site at Tomlinson Road and at the former Farrer Court site will be ready for launch later this year.

Source : Channel NewsAsia – 13 May 2010