Hotel Properties' Q3 profit more than doubles to $50.4 million

Hotel Properties (HPL) has more than doubled its third quarter net profit to $50.4 million from $24.8 million in the same period last year.

Revenue for the three months to Sept 30 soared by 41.7 per cent to $180.1 million.

The increase was mainly attributable to income recognition from the Tomlinson Heights condominium development on a percentage of completion basis as well as better performances by the group's hotels and resorts, especially those in the Maldives and Bali.

Its share of results of associates and jointly controlled entities has also increased from $13.2 million to $25.6 million, mainly due to gain on disposal of certain associates which hold investment properties at Kensington Square, London.

HPL continued to equity account for profits from The Interlace condominium development at Alexandra Road, Singapore, and d'Leedon condominium development at Farrer Road, Singapore.

Earnings per share rose to 9.48 cents from 4.9 cents previously while net asset value per share climbed to $3.05 compared to $2.91 as at Dec 31.

The outlook for the group's hotels and resorts' business is positive, although uncertainties remain in the global economic and political environment.

The Singapore residential properties market sentiments have been further dampened with the introduction of the total debt servicing ratio.

HPL will continue to recognise profits from the Tomlinson Heights and d'Leedon condominium developments as well as from progressive sale of units at The Interlace which received Temporary Occupation Permit in September.