HPL's Q2 earnings up 8.4% to S$13.2m even as revenue tumbles 20.8%

HOTEL Properties Limited (HPL) has posted a 8.4 per cent year-on-year growth in second-quarter net profit to S$13.2 million.

For the three months ended June 30, revenue fell 20.8 per cent to S$129.7 million from the previous year, HPL reported in a Singapore Exchange filing on Thursday evening.

The decrease in revenue was due partly to lower contributions from the Tomlinson Heights condominium development, it said. Contribution from the group's resorts in the Maldives was also affected by softer demand, as well as ongoing refurbishment works at Four Seasons Resort Maldives at Kuda Hura, HPL added.

Q2 earnings per share grew to 2.1 Singapore cents from 1.9 Singapore cents in the preceding year. Net asset value per share dipped to 3.25 Singapore cents as at June 30, from 3.32 Singapore cents as at six months ago.

No dividend was proposed. HPL shares last traded at S$3.50 on Aug 3.