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HPL Q3 bottom line up 32%

HOTEL Properties Limited (HPL) posted a 32 per cent year on year jump in net profit to S$42.22 million for Q3 ended Sept 30, in line with higher revenue.

Revenue rose about 18 per cent to S$165.09 million, mainly due to the sale of completed condominium units from the Tomlinson Heights development as well as higher contribution from the group's hotels and resorts, particularly those in Bali, Indonesia and the Maldives.

Earnings per share climbed from 5.73 Singapore cents to 7.78 Singapore cents.

"The global economic outlook has improved. Nevertheless, the group's hotels and resorts continue to face challenges such as competition and potential adverse political or environmental conditions of the countries in which the group operates," said HPL.

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"On the property front, the Burlington Gate development in London was completed during the quarter under review; and barring unforeseen circumstances, the group expects the Holland Park Villas development to attain practical completion before the end of the year. In Singapore, the residential properties market sentiments have improved. The group will continue to market the remaining units in Tomlinson Heights, d'Leedon and the Interlace."

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