Pan Pacific Hotels Group on Tuesday said its net profit fell 24 per cent to S$11 million in the first quarter of this year compared to the same period last year.
The group’s revenue also declined by 13 per cent to S$66.5 million in the three months ended March.
The group said the decrease is largely due to weaker performance from its hotels.
The group is pessimistic about the year ahead. It said the global economic downturn and the global H1N1 flu virus outbreak will have a negative impact on the tourism sector in Singapore and the Asia Pacific region.
Source : Channel NewsAsia – 12 May 2009