Global Premium Hotels Q2 profit down 22.2%
Add BT as a preferred sourceGLOBAL Premium Hotels Limited yesterday said that its net profit for the fiscal second quarter ended June 30, 2014 fell 22.2 per cent y-o-y to S$3.81 million.
Turnover slipped 5.6 per cent to S$14.52 million, due to a combination of factors including the closure of Fragrance Hotel - Elegance in the last quarter of last year due to cessation of tenancy agreement, lower revenue recognised from the other hotels, and lower contribution from Fragrance Hotel - Pearl due to temporary closure for asset enhancement works.
Global said that the decrease was partially offset with the maiden revenue contribution of half a million dollars from Parc Sovereign Hotel - Tyrwhitt, which commenced operations early last month.
