Company Briefs: Banyan Tree

Banyan Tree

Resort group Banyan Tree Holdings yesterday posted a 124 per cent jump in first-quarter net profit to $1.2 million from the same period a year ago.

Revenue for the three months to March dropped 9 per cent to $90.4 million due to lower revenue recognition from property sales.

Banyan Tree said overall hotel forward bookings for the second quarter is 17 per cent above the same period last year.

For its property sales segment, deposits for 55 units with total sales value of $59.9 million were received in the first quarter, compared with 39 units of $27 million a year ago.

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KrisEnergy

Upstream oil and gas firm KrisEnergy yesterday reported first-quarter net profit of US$55.7 million (S$78.4 million), reversing a net loss of US$18.3 million in the same period a year ago, after cutting costs and accounting for a fair value gain.

Revenue for the three months to March slipped 3.9 per cent to US$31.8 million.

KrisEnergy said a 124.6 per cent jump in realised oil prices year on year shored up revenue despite a 28.4 per cent drop in working interest production.

Interim chief executive Jeffrey S. MacDonald said the firm remains focused on reining in costs, increasing production, maximising efficiencies in its operations and undertaking the next phase of its restructuring process.


Vard Holdings

Shipbuilder Vard Holdings has posted a first-quarter net loss of 25 million Norwegian kroner (S$4.1 million), a reversal from a net profit of 37 million kroner in the year-ago period.

Revenue for the three months to March dropped 12 per cent to 1.78 billion kroner due to reduced activity, especially at its Norwegian yards, as well as the cessation of operations in its Brazilian facility Vard Niteroi.

Vard said demand from the exploration cruise vessel segment is still healthy, as demonstrated by a letter of intent for one such vessel entered into in the first quarter. It added: "With contracts recently entered into for a krill fishing vessel, a pelagic trawler and a live fish transportation vessel, Vard has broadened its offerings and strengthened its position in the fisheries and aquaculture segment. In the meantime, while still too sporadic to constitute a trend, nascent interest for individual vessel types is noticeable in the offshore sector."

A version of this article appeared in the print edition of The Straits Times on May 13, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe