Tuesday, August 14, 2012

Banyan Tree recovers to post Q2 profit

The strong performance of the property and hotel sectors in Thailand helped Banyan Tree Holdings achieve a net profit of S$644,000 in Q2 2012, a recovery from last year’s S$7 million loss.

“The increase was also boosted by the recent acquisition of Banyan Tree Seychelles, part of our ongoing strategy of rebalancing our asset portfolio,” said Executive Chairman Ho Kwon Ping.

Revenue grew 25 percent to S$79.28 million while earnings per share stood at 0.08 cents.

For 1H2012, net profit surged 316 percent to S$12.63 million, but revenue fell nine percent to S$162.3 million due to lower contribution from property sales.

But Q2 saw an upturn in the group’s property division as it sold more luxury units.

At the same time, its Q2 revenue for hotel investment climbed 20 percent to S$39.3 million while property sales went up 136 percent to S$15.6 million.

Banyan Tree’s forward bookings for hotels in Thailand during Q3 rose 13 percent year-on-year while bookings outside Thailand were 16 percent lower, putting overall forward bookings down seven percent for Q3.

View the original article here

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