Corporate digest

Banyan Tree

HOTEL operator Banyan Tree Holdings reported a "significant pick-up" in occupancies in the second half of this year as group-wide occupancies grew from 14 per cent in Q2 2020 to 27 per cent in Q3 2020.

In a filing to the Singapore Exchange, Banyan Tree said that its hotels in China chalked up an occupancy of 52 per cent, while in Asia-Pacific (ex China) and globally, occupancy stood at 12 per cent. "In the Asia-Pacific and specifically Thailand, where the majority of the group's hotels are located, international travel remains predominantly closed to international travellers," it highlighted.

Meanwhile, its property sales segment chalked up a strong rebound in sales of S$20.5 million, increasing more than 200 per cent from the previous quarter. Banyan Tree said this was due to "strong marketing efforts from the property sales China team and continued confidence in the residential market". Revenues to be recognised in Q4 are expected to exceed the S$15.6 million seen year to date Q3. (see amendment note)

For the nine months ended Sept 30, the group met about 75 per cent of its S$70 million cash conservation target (excluding one-off severance expenses) and expects to meet the full-year target by year-end.

It has opened three properties in Mexico, Malaysia and Thailand this year and inked 18 hotel management agreements, adding to its pipeline of 35 properties launching over the next three years.

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ASL Marine Holdings

ASL Marine Holdings' net loss for the three months ended Sept 30, 2020 widened to S$13 million from S$11.35 million a year ago.

Revenue fell 13.5 per cent year-on-year to S$35.88 million for Q1 FY2021 on the back of lower revenue from its ship-chartering business segment.

Loss per share for the quarter under review was 2.07 Singapore cents, compared to a loss per share of 1.8 cents a year earlier.

In an update on its operations, ASL said that demand for ship-repair services are still affected by restrictive movement controls in Indonesia and Singapore. Meanwhile, the group expects continued pressure on charter rates due to market competition and the pandemic.

Barring any unforeseen circumstances, the group expects a recovery trend in H2 FY21 (January to June 2021), it said.

Amendment note: An earlier version of the article said Banyan Tree's property sales revenues to be recognised in Q4 are expected to exceed the S$15.6 million seen in Q3. It should be "year to date Q3" instead of "in Q3".