Tax writeback boosts Global Premium's Q4

Singapore

GLOBAL Premium Hotels undid previous years' over-provisioning for taxes in the fourth quarter, helping the hotel developer to post a 61 per cent gain in net profit despite a slowdown at an operational level.

Global Premium, which runs the Fragrance chain of economy hotels, reported net profit of S$8.4 million, or 0.80 cents per share, for the three months ended December.