SINGAPORE - Hotel Properties announced on Friday that its first-quarter earnings slumped to $14.3 million.
This is less than a third of the $44.6 million from the same period a year ago.
Revenue for the three months ended March 31 fell to $158.9 million, down from the $214.5 million previously, due to lower contributions from its property division as the Tomlinson Heights condominium development was completed in the first quarter last year.
"Interest expense relating to the project previously capitalised were expensed, contributing to an increase in finance costs of the group," said Hotel Properties in a filing to the Singapore Exchange.
The group also logged a net loss of $3.9 million in contributions from associates and jointly-controlled entities, compared with a $4.6 million profit previously.
This was due mainly to lower profit contribution from both The Interlace in Alexandra Road and d'Leedon in Farrer Road, which were completed in September 2013 and October last year respectively, it said.
Earnings per share came in at 2.31 cents, down from the 8.32 cents previously.
Net asset value per share stood at $3.35, up slightly from the $3.28 as at Dec 31 last year.
"The Singapore residential property market sentiments continue to be soft and global economic outlook remains mixed," said Hotel Properties.
"The group will continue marketing its residential properties in Singapore as well as in London, although profits from sale of properties in London will only be recorded upon completion of the projects."
Hotel Properties shares closed $0.12 down at $4.07 on Friday.