Bund Center Q1 profit up 35% on higher hotel revenue, leasing income
Bund Center Investment posted a 35 per cent increase in net profit to S$6.56 million in the first quarter ended March 2015 from a year ago.
Revenue improved 12 per cent to S$33.35 million over the period due to an uptick in hotel revenue and leasing income from its Bund Center office tower.
In an announcement, the firm said its hotel continues to outperform the average occupancy rate and average room rate among five-star hotels in Shanghai, despite the competitive environment given the decline in the number of visitors staying overnight in Shanghai and supply of new hotel rooms.
Earnings per share stood at 0.22 Singapore cents, up from 0.16 Singapore cents previously.
No dividend was recommended, the same as the previous year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly