Banyan Tree narrows Q2 loss to S$12.26m

RESORT operator Banyan Tree's loss for the second quarter narrowed to S$12.26 million from S$14.36 million a year ago.

Revenue for the three months ended June 30 rose 6 per cent year on year to S$69.84 million on the back of higher contributions from its hotel investments segment and the fee-based segment.

This helped it to chalk up an operating profit of S$350,000, compared to an operating loss of S$3.36 million a year ago.

Loss per share for the quarter came in at 1.61 cents, versus a loss of 1.89 cents a year ago.

For the six months, net loss shrank 20 per cent to S$11.07 million, while revenue dipped 3 per cent to S$160.28 million.

Banyan Tree plans to open three new resorts in the next one year, in Indonesia, China and Cuba.