SINGAPORE - Banyan Tree Holdings on Mon posted a first quarter net profit of $20.2 million from $1.2 million last year, almost 17 times higher than the year-ago period.

Earnings per share came in at 2.40 Singapore cents, from 0.16 Singapore cent last year.

The bulk of this increase came from higher other income, which rose by $16.7 million for the quarter, mainly due to gains from dilution of the group's interest in Banyan Tree Assets (China) Holdings from 50 per cent to 22.8 per cent.

In addition, higher operating profit from its hotel investments segment, lower foreign exchange losses, and higher profits by associates also helped boost earnings for the three months ended March 31, 2018. These were partially offset by higher head office expenses and higher income tax expenses.

Revenue for the quarter rose by 9 per cent to $98.2 million. This was attributable to strong performance from its Thailand and Seychelles resorts, as well as higher revenue recognition from its Cassia Bintan and Cassia Phuket condominiums, Banyan Tree said.

No dividends have been declared for the current financial period, unchanged from the preceding year.