Hotel Grand Central Q1 net profit surges to S$76.6m on hotel sales in S'pore, NZ

HOTEL Grand Central has posted a net profit of S$76.6 million for the first quarter ended March 31, 2015, a big jump from a net profit of S$9.9 million in the same period last year.

The increase was due to gains on the disposals of two hotels - one in Auckland and the other in Singapore's Little India district.

Total revenue decreased 11 per cent to S$33.8 million - due mainly to the sale of the Hotel Grand Chancellors Little India and Auckland Airport, and the impact of lower average exchange rates for the Australia and New Zealand dollars.

Earnings per share rose to 12.32 cents for Q1 FY2015 from 1.65 cents in Q1 FY2014. Net asset value per share increased to S$1.50 as at end-March 2015 from S$1.39 at end-December 2014.

The counter closed unchanged at S$1.50 on Thursday. Hotel Grand Central announced its first-quarter results after the stock market closed.