UK hospitality business boosts Rowsley's Q1 earnings

CONTRIBUTIONS from a UK hospitality group acquired in November last year gave a fillip to first-quarter earnings for Rowsley, a real estate firm controlled by billionaire Peter Lim.

Net profit for the three months to March 31 this year jumped 53 per cent to S$4.77 million from the previous year, Rowsley said in a Singapore Exchange filing on Tuesday.

This came on the back of a 25 per cent climb in revenue to S$20.49 million for Q1 year on year.

Revenue expanded mainly due to a contribution of S$3.79 million from "the UK hospitality group" and a S$0.36 million increase in revenue at its architecture arm RSP, Rowsley said in its statement.

This "UK hospitality group" in its statement refers to Hotel Football near football club Manchester United's Old Trafford stadium; restaurant Café Football; and a hotel management company GG Collections which manages the hotel and the restaurant, a spokesman for Rowsley said over the phone.

Earnings per share for the quarter came in at 0.108 Singapore cent, up from 0.07 Singapore cent the previous year. Net asset value per share was 10.64 Singapore cents as at March 31 this year, up from 10.11 Singapore cents as at Dec 31 last year.

Rowsley shares finished flat at S$0.145 on Tuesday before its results were released.