Bonvests profit surges to $56.2m on stronger revenue, revaluation gains

HOTEL and property group Bonvests Holdings' net profit attributable to equity-holders more than doubled to $56.23 million for the year ended Dec 31, from the preceding year's $24.6 million. This came on the back of stronger revenue and revaluation gains on its investment properties.

Revenue for last year rose 11.5 per cent to $183.97 million, as the increase in contributions from the hotel and industrial divisions partly offset lower contributions from the property-rental and investment division.

Revaluation gains from investment properties leapt more than four-fold to $35.75 million from $8.4 million.