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Global Premium Hotels' Q3 profit falls 8.5% to S$3.3m
LOWER hotel-room revenue and a slump in average occupancy rate took a toll on results for Global Premium Hotels (GPH) in its third quarter.
Net profit for the three months ended Sept 30, 2016, fell 8.5 per cent to S$3.3 million from the preceding year, the group said in a Singapore Exchange filing on Thursday. Revenue sank 6.3 per cent to S$15.3 million.
The drop in revenue was mainly due to lower hotel-room revenue recognised from most of its hotels, including certain ones which had to close temporarily, floor by floor, to facilitate asset enhancement works.
"The decrease was partially offset by additional contribution from certain hotels which were completed with asset enhancement works in 2015," said GPH.
Earnings per share dipped to 0.31 Singapore cent, from 0.34 Singapore cent in the preceding year. Net asset value per share rose to 70.44 Singapore cents as at Sept 30, from 69.25 Singapore cents nine months ago.
GPH shares ended at S$0.280 on Thursday, S$0.015 or 5.1 per cent lower from the previous session.