Mainboard-listed Hotel Properties has posted a 71.7 per cent drop in second quarter net earnings to S$4.4 million.
Revenue for the period dropped 27 per cent to S$103.3 million as the firm’s hotels and resorts’ business was adversely affected by the global economic crisis.
HPL, which owns hotels and properties in Thailand, said the situation there was further aggravated by political instability and the H1N1 pandemic.
It added that it continued to share losses recorded by its associate, Morganite, which develops the Farrer Court site in Singapore.
Looking ahead, HPL said the business environment for the hospitality industry is likely to remain challenging in the short term.
Source : Channel NewsAsia – 14 Aug 2009