Complete Property Market Updates of Singapore

June 11, 2008

Banyan Tree Q1 net profit up 38%, outlook cautiously optimistic

Filed under: General — Propertymarketupdates @ 1:03 am

Resorts developer, Banyan Tree Holdings Limited, today announced a 38 per cent increase in net profit to $15.4 million, largely driven by hotel investment and hotel residences/property sales segments.
 
Revenue grew 34 per cent to $140.3 million.

‘Hotel Investment segment continue to perform well in line with our expectation and we are optimistic that the positive trend will continue into the rest of 2008,’ executive chairman, Ho Kwon Ping said.

The strong growth in Hotel Investment segment was mainly due to better performance from resorts in Laguna Phuket, Banyan Tree Bangkok and the newly refurbished Angsana Velavaru, coupled with additional revenue from the newly opened Banyan Tree Madivaru and Angsana Riads Collection, Morocco.

Mr Ho added:’Barring unforeseen circumstances, we therefore remain cautiously optimistic on the performance of the Group in the next few quarters.’

The company has in the pipeline close to 50 resorts slated to be opened in the next four years. These were previously announced. — BT Newsroom

Source : Business Times – 15 May 2008

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