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Banyan Tree Q4 profit more than doubles to S$12.8m

BANYAN Tree Holdings saw it its net profit more than double to S$12.8 million for the fourth quarter ended Dec 31, 2019, from S$5.6 million a year ago.

This comes as revenue for Q4 rose 71 per cent to S$158.5 million, from S$92.8 million a year ago due to higher revenue from all operating segments.

Earnings per share stood at 1.52 Singapore cents for the quarter, up from 0.67 cent a year ago, the resort operator said in a regulatory filing on Friday.

No dividend was declared for the full year, versus a final dividend of 1.05 Singapore cents a year ago.

For the full year ended Dec 31, net profit tumbled 95.2 per cent to S$651,000, while revenue rose 5 per cent to S$347 million.

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Banyan Tree said that the Covid-19 outbreak is expected to weigh on the group's hotel and resort-related businesses in the near to mid-term. This is because international tourism is forecast to shrink with cancellations and a slowdown in forward bookings.

Eddy See, Banyan Tree president and group managing director said the group has prepared for the outbreak with the same prudent cash-preservation measures used in other unforeseen global events such as Sars.

That said, Banyan Tree's brands continued to show optimism with the completion of 27 deals in 2019. The group noted that it is on track to secure 30 deals annually as it seeks to double its operating footprint by 2025.

The group expects to open, in the next 12 months, eight new resorts across Thailand, Malaysia, Indonesia, China, Cambodia, Qatar and Greece, the latter three being new markets.

Banyan Tree shares were trading at 36 Singapore cents as at 2.58pm on Friday, down 1.5 cents or 4 per cent.

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