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Global Premium Hotels posts lower Q2 profit as costs edge upwards
GLOBAL Premium Hotels saw net profit for the second quarter slide 17.2 per cent year on year to S$3.16 million as administrative expenses and finance costs increased.
Revenue rose 3.2 per cent to S$14.98 million on the back of slightly higher contributions from its hotel-room revenue segment.
Earnings per share were 0.3 cent, down from 0.36 cent a year ago.
For the first six months, profit was nearly 18 per cent lower at S$6.38 million while revenue edged up 5.1 per cent to S$29.74 million.
The firm said: "International tourist arrivals in Singapore fell by 4.1 per cent year on year (yoy) from January to May 2015 compared to the same period last year. This slowdown coupled with the new supply of rooms coming into the market had a negative effect on the average hotel occupancy rate and the overall revenue per available room which fell by 1.4 per cent yoy and 7.2 per cent yoy respectively."