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Banyan Tree's Q1 profit surges 124% to S$1.2m
BANYAN Tree Holdings enjoyed a 124 per cent surge in net profit for the first quarter ended March 31 to S$1.2 million.
The hospitality player attributed this to "higher operating profit from fee-based segment as a result of higher revenue coupled with lower non-controlling interests' share of profits".
Operating profit rose 4 per cent to S$18.6 million, despite a 9 per cent drop in group revenue to S$90.4 million, amid higher reversal of bad debts provision following payments by several hotel owners in China, lower exchange losses, lower marketing expenses incurred on hotel marketing and new property projects where revenue was recognisable only upon completion of project.