Global Premium Hotels Q2 earnings down on lower room revenue

LOWER room revenue from most of its hotels eroded Global Premium Hotels' (GPH) results for its second quarter.

Net profit sank 13.5 per cent to S$2.7 million from the previous year, the hospitality group said in a Singapore Exchange filing on Wednesday evening.

For the three months ended June 30, revenue slid 2.7 per cent to S$14.6 million from the year-ago period. The slide in revenue was due mainly to lower hotel room revenue recognised from most of its hotels, "including three hotels which had to close temporarily either fully or floor by floor to facilitate asset enhancement work", it added.

Q2 earnings per share fell to 0.26 Singapore cent from 0.3 Singapore cent in the previous year. Net asset value per share edged up to 69.92 Singapore cents as at June 30, from 69.25 Singapore cents as at six months ago.

No dividend was proposed. GPH shares closed half a cent up at S$0.29 on Wednesday.