Hotel Properties back in black with H1 net profit of S$1.9m

HOTEL Properties Limited (HPL), which owns and operates hotels, reversed into the black in the fiscal first half from a year ago as revenue jumped 47.1 per cent, the company said on Friday (Aug 12).

Net profit for the 6 months ended Jun 30 stood at S$1.9 million, reversing a net loss of S$22.3 million posted in the same period a year ago. 

The results translate to losses per share of 0.97 Singapore cent, against losses per share of 5.62 cents in the previous year.

HPL noted that its operating profit before share of results of associates and jointly controlled entities, depreciation, amortisation, fair-value changes and finance costs for the half-year were higher than that of the previous year.

"However, due to market volatility, the group suffered mark-to-market fair-value losses of S$11.6 million for the half year under review, compared to a fair-value gain of S$21.9 million for the corresponding period last year".

The group's share of results of associates and jointly controlled entities turned to a profit of S$20.1 million for H1 FY2022 from a loss of S$18.7 million for the same period last year, on the back of a gain from the disposal of Hilton London Olympia and generally improving hotel performances.

Revenue was up 47.1 per cent to S$249.5 million, compared to S$169.6 million a year ago, as the resumption of travel boosted the performance of its hotels and resorts.

The board did not declare any dividends for the financial period.

Shares of HPL closed flat at S$3.52 on Friday, before the release of the results.

KEYWORDS IN THIS ARTICLE

READ MORE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes