Banyan Tree back in the black in Q3

RESORT operator Banyan Tree swung into the black with a profit of S$20.07 million for the third quarter ended Sept 30, compared to a loss of S$10.81 million a year ago.

This was due to to higher other income and higher operating profit from the property sales segment, the company said.

Revenue was 9 per cent higher at S$68.29 million while earnings per share came to 2.63 Singapore cents from a loss per share of 1.42 Singapore cents previously.

For its property sales segment, deposits for 23 units with a total sales value of S$20.4 million was received in Q3 2017, versus 15 units worth S$8.1 million in Q3 2016. As at Q3 2017, the group has unrecognised revenue of S$132.4 million, of which 17 per cent will be progressively recognised in the last quarter of 2017, it said.

Overall forward bookings for its owned hotels was up 9 per cent year on year for Q4.