Resort operator Banyan Tree Holdings sank further into the red in the third quarter on the back of weaker returns on property sales and hotel revenue.
The firm recorded a net loss of $9.4 million for the three months to Sept 30, an increase from the $7 million loss a year earlier.
Banyan Tree said late on Wednesday that earnings were hit by a range of factors, including lower operating profit from hotel investments and property sales, increased head office costs and higher depreciation of property, plant and equipment.
Loss per share stood at 1.12 cents for the quarter, compared with loss per share of 0.83 cent in the same period last year.
Revenue shrank 20 per cent to $55.4 million.
This came amid lower recognition from the property sales segment due to timing difference. Achieved sales of Cassia Phuket, Laguna Park townhomes/villas and Banyan Tree 3 Beds Pool Villas are expected to be recognised only in the fourth quarter when construction is completed, the company said.
The fall in revenue was also due to lower contributions from the hotel investments segment as a result of non-consolidation of turnover from Banyan Tree Seychelles after its sale last year.
No dividend was declared for the quarter, unchanged from a year ago.
AT A GLANCE
REVENUE: $55.4 million (-20%)
NET LOSS: $9.4 million (+35%)
In a separate filing, Banyan Tree said chief financial officer Kuan Chiet had left the position to return to the group's operation in Phuket.
Mr Kuan, who will helm a new property leasing unit, has been with the group since 1992 in various roles.
Ms Shelly Yeo, vice-president of corporate finance and company secretary, will oversee the overall group corporate finance and corporate secretariat functions.
Banyan Tree shares closed unchanged at 42.5 cents yesterday.