Global Premium Hotels Q1 earnings down 4.9%

Singapore

THE continuing decline in hotel room rates put pressure on Global Premium Hotels' (GPH) first quarter results.

Net profit for the three months ended March 31 fell 4.9 per cent to S$3.19 million from the preceding year's S$3.36 million, the group said in a Singapore Exchange filing on Monday.

Revenue for the the mainboard-listed company, which owns the Fragrance Hotel chain, dipped 3.8 per cent to S$13.99 million from S$14.55 million a year ago.…