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gl. posts 34% jump in Q2 profit
GL. (formerly known as GuocoLeisure Limited) posted a 34 per cent year on year jump in net profit for the second quarter ended Dec 31, 2015 to US$19.9 million, thanks mainly to higher revenue, lower finance costs and administrative expenses.
Revenue during the quarter inched up one per cent to US$114.7 million.
For the six months ended Dec 31, net profit jumped 63 per cent to US$51.3 million, mainly attributable to a surge in other operating income.
Operating income during the fiscal first half rose to US$13.2 million from US$600,000 a year ago mainly due to a one-off compensation received from the cessation of managing 19 regional Thistle Hotels owned by a third party.
Revenue during the six months dipped one per cent to US$229.8 million, which the group attributed to lower Bass Strait oil and gas royalty income.
glh is a major hotel owner-operator in London with over 5,000 rooms across 17 hotels under six brands: Clermont Hotels & Residences, Amba Hotels, every hotels, Guoman Hotels, Thistle and Thistle Express.
The group said that it will continue with the refurbishment of its hotels across the new brands following its launch of the latest hotel, Amba Hotel Marble Arch, in November 2015. "We expect to launch the second hotel under our every Hotel brand, the every Hotel Bloomsbury Park this coming summer."