Banyan Tree Holdings reports narrower loss of S$5.3m

Banyan Tree Holdings reported on Monday that its net loss for the second quarter ended June 30 narrowed to S$5.3 million from a loss of S$12.3 million in the year-ago period.

The better performance was mainly attributed to higher operating profit from the property sales segment as a result of higher revenue coupled with higher other income, lower salaries and related expenses, and lower administrative expenses. Revenue contracted 2 per cent to S$68.4 million from S$69.8 million a year ago.

For the first half of the year, Banyan Tree recorded a net profit of S$14.8 million, compared with a net loss of S$11.07 million a year ago. Revenue climbed 4 per cent to S$166.6 million for the same period.

The company reported a loss per share of 0.64 Singapore cent, compared with a loss of 1.61 Singapore cents in Q1 2017.

Banyan Tree shares closed at S$0.535 on Monday before results were out, down one Singapore cent or 1.9 per cent.