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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.