Banyan Tree Q4 profit down 54%

A Grand Two-Bedroom Pool Villa at Banyan Tree Phuket.
A Grand Two-Bedroom Pool Villa at Banyan Tree Phuket.PHOTO: BANYAN TREE HOTELS & RESORTS

SINGAPORE - Banyan Tree Holdings on Monday night (Feb 26) reported a 54 per cent fall in net profit to S$3.9 million for the fourth quarter ended Dec 31.

This was attributable to lower other income, higher head office expenses and share of losses of joint ventures - and partially cushioned by higher operating profit from its property sales and hotel investments segments, said the company.

Revenue rose 9 per cent to S$88.9 million, on higher revenue recognition from Laguna Park townhomes and villas and Cassia Phuket (Phase 2) condominiums, as well as strong performance from its Thailand and Seychelles resorts.

Earnings per share slipped from 1.11 Singapore cents to 0.41 cent on a fully diluted basis for the quarter.

The operator and developer of premium resorts, hotels, residences and spas has recommended a first and final one-tier tax exempt cash dividend of one Singapore cent per ordinary share to be paid in respect of the financial year ended Dec 31, 2017.