FLAT revenue and higher expenses led hospitality group GL Limited, formerly known as GuocoLeisure, to post net losses of US$3.3 million for its third quarter ended March 31, a reversal from a net profit of US$24 million a year ago.

Revenue of the company, which has businesses in hotels, oil and gas, property development and gaming, dipped 1 per cent to US$73.4 million.

For the nine-month reporting period, net profit fell 45 per cent to US$29.1 million, while revenue rose 2 per cent to US$264.4 million, bolstered by higher revenue from the oil and gas segment, thanks to higher average crude oil and gas prices during the period.

"Hotel revenue was higher in GBP (British pound) terms compared to the previous corresponding period as a result of improved hotel occupancy rate and revenue per available room during the period. However, the increase was fully offset by the weakening of GBP against USD by 3.8 per cent compared to last year," it said.