RESORT operator Banyan Tree Group : B58 0% on Thursday (Aug 10) reported a net profit of S$981,000 for the six months ended Jun 30, 2023, up 91 per cent from the S$514,000 in the corresponding period last year. 

H1 revenue rose 21 per cent to S$143.7 million – from S$118.6 million in the corresponding period a year ago – fuelled by “better” performance in its hotel investments and fee-based segments, said the group in a bourse filing. 

The hotel investments segment grew 57 per cent year on year to S$95.3 million, from S$60.8 million a year ago, as revenue from hotels in Thailand almost doubled after the country lifted its pandemic travel restrictions. 

Occupancy in Thailand surged to 71 per cent in the half-year, from 46 per cent in H1 FY2022. Revenue per available room in the country also increased by 2.2 times in the same period. 

Over in the fee-based segment, revenue grew 30 per cent year on year to S$27.7 million, from S$21.3 million a year ago. This was primarily due to higher management fees from the group’s managed hotels in Asia, which have gradually opened up to international tourism since the second quarter of 2022, said the group. 

Meanwhile, revenue from Banyan Tree’s property sales segment plunged by 43 per cent to S$20.8 million in H1, from S$36.6 million the previous year, which included the recognition of the remaining units of Angsana Beachfront Residences in Indonesia at S$18.8 million. 

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Earnings per share stood at 0.11 cents, up from 0.06 cents in the year-ago period. 

“(Our) hotels have shown a good recovery from the impact of the Covid-19 pandemic, surpassing all pre-covid 2019 metrics across various regional markets,” said the group. 

For the rest of 2023, Banyan Tree plans to open three new properties in Zhuhai, China; Yogyakarta, Indonesia; and Koh Samui, Thailand. 

Shares of Banyan Tree closed 1.1 per cent or S$0.005 lower at S$0.45 on Thursday, before the announcement.