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GL's full-year net profit up 41% to US$67.6 million

LOWER administrative and income tax expenses, as well as lower finance and net financing costs, gave a lift to property group GL Ltd's results for the full financial year.

Net profit shot up 41 per cent to US$67.6 million from the year-ago period, the group said in a Singapore Exchange filing on Monday evening.

But for the 12 months ended June 30, revenue sank 6.9 per cent to US$393.9 million from the year-ago period.

The decline in revenue was "principally due to lower hotel revenue as a result of the weakening of GBP against USD during the year. A further fall in GBP against the USD post Brexit referendum worsened the revenue in USD terms", it said.

Full-year earnings per share grew to 5.2 US cents from 3.7 US cents in the previous year. Net asset value per share slipped to 80.9 US cents as at June 30, from 88.6 US cents as at a year ago.

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Dividend per share was flat at 2.2 Singapore cents.

GL flagged Brexit-related uncertainty in its outlook statement, saying it expects an extended period of volatility for the hotel industry in the UK in the months ahead.

"Performance of the London hotel market may be negatively impacted during this period as businesses adjust to this new reality after the European Union exit referendum," added GL.

GL shares closed at S$0.795 on Monday.

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