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.

The group's other hotel, Crowne Plaza London Kensington, improved its average room rate and food and beverage revenue over the last year.

This was, however, affected by the weaker Sterling pound against the Singapore dollar.

Earnings per share slipped to 0.14 cent from 7.07 cents previously while net asset value per share slipped by one cent to 33 cents.

Full year payout totalling 0.65 cent a share was recommended, down from one cent last year.