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GL Limited's Q3 net profit up, but revenue slides

PROPERTY group GL Limited, formerly known as GuocoLeisure, posted a net profit of US$4.4 million for its third quarter ended March 31, an increase of 29 per cent from a year before.

Revenue however slid 8 per cent to US$68.4 million. Earnings per share for the quarter is 0.3 US cent, up from 0.2 US cent previously.

No dividend was declared for the quarter.

For the nine months ended March 31, net profit was down 47 per cent to US$28.9 million. Revenue for the nine months also fell 17 per cent to US$252.9 million, due mainly to lower revenue generated from hotel, gaming and property development segments.

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The company remains "cautiously optimistic" as there are still significant risks in the global economy that could dampen increased travel into London.

It said: "Furthermore any further weakness in the British pound will adversely impact our hotel division's revenue growth and the carrying value of our hotel properties in USD terms."

GL Limited said that it will continue with its hotel refurbishment programme and expects to launch three refurbished hotels in the next year.