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HPL's FY2016 profit rises 26.7% on land sale gains

GAINS from land sales lifted Hotel Properties Ltd's (HPL) full-year net profit by 26.7 per cent despite lower revenue from hotels and resorts.

For the 12 months ended Dec 31, 2016, the hospitality group's net profit was S$103.5 million, or 18.13 Singapore cents per share. The company has declared a per-share dividend payout of eight Singapore cents, comprising a four Singapore cent final dividend and a four Singapore cent special dividend.

Revenue slipped 0.3 per cent to S$577.6 million amid softer demand and ongoing refurbishment works at HPL's hotels and resorts, especially those in the Maldives.

Other operating income, however, almost tripled to S$62 million from S$22.3 million due to gains from selling two plots of land in Bangkok.

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HPL expects uncertainties in the global economic and political environment to present challenges. Its Holland Park Villas and Burlington Gate joint-venture developments in London are expected to be completed later in 2017.