LC Development's earnings drop sharply owing to absence of one-off gain
LC Development's full year net profit slumped by 98 per cent to $1.4 million, mainly due to the absence of a one-off gain that had boosted the previous year's earnings.
The group had reaped a profit of $82.1 million last year following the sale of its 50 per cent interest in LC Airport Hotel.
Revenue for the year ended June 30 eased by 3 per cent to $57.8 million.
Hotel revenue was 3 per cent lower at $45.9 million, mainly due to lower occupancy at Holiday Inn Resort Phuket as a result of closure of rooms in its main wing for refurbishment.