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Hotel Properties' Q2 profit rises 23% to S$16.3m on Tomlinson Heights sales
HOTELIER Ong Beng Seng's property firm Hotel Properties on Friday reported a net profit of S$16.3 million for the second quarter of this year, 23 per cent higher than S$13.2 million a year ago.
Revenue for the three months ended June 30 rose 47 per cent to S$190 million, from S$130 million a year ago.
The revenue increase was mainly due to the sale of completed condominium units from its Tomlinson Heights development. Contribution from the group's resorts in the Maldives also improved with the completion of upgrade of water villas at the Four Seasons Resort Maldives at Kuda Huraa.
Share of results of associates and jointly controlled entities decreased to S$304,000, from S$11 million a year ago, mainly due to lower contribution from the d'Leedon condominium development at Farrer Road, Singapore.
Hotel Properties last traded at S$3.84, down three Singapore cents.