Banyan Tree posts narrower Q3 loss on strong contributions from Thailand, Maldives

Singapore-listed hotel and resort group Banyan Tree Holdings has recorded a loss of $1.4 million for the third quarter, down from its loss of $2.8 million for the same quarter last year.

This was on the back of a 1 per cent rise in revenue over the same period to $79.6 million, the group said on Wednesday.

It attributed the better performance to continuing strong contributions from its hotels in Thailand and the Maldives, as well as lower depreciation and interest expenses following an asset rebalancing exercise.

For the first nine months of the year, Banyan Tree's revenue per available room rose 13 per cent from last year, the group said.

"We expect this momentum to continue into the fourth quarter, being our high season period," it added. Overall forward bookings are 2 per cent higher than a year ago, dragged down by a high base in Thailand due to a wedding event in Phuket last year.

The group's property sales also remain strong with 31 new units sold in the three months to Sep 30, compared with only seven in the same period last year. Since January, the group has sold 110 units for $45.8 million, a 36 per cent rise in value from a year ago.

Unrecognised cumulative revenue from the unit sales was $58.7 million as at Sep 30, compared with $11.8 million last year, the group added. The bulk of this profit is expected to be recognised in 2015.

It also said it expects to record a higher profit for this year as a whole compared with last year.

The group plans to open three new resorts in the next 12 months, all in China, as well as five spas under management.

Loss per share for the quarter was 0.19 cent, from a loss per share of 0.37 cent in the same time last year. The group's net asset value per share was 74 cents as at Sep 30, up from 72 cents as at Dec 31 last year.