Hotel Properties' Q1 net profit rises 17.1%

HIGHER revenue from its hotels and property development helped developer Hotel Properties post stronger results for the first quarter on Monday.

Net profit came in at $44.6 million for the three months to Mar 31, up 17.1 per cent from $38.1 million in the same period a year ago.

Revenue was also higher at $214.5 million, rising 31 per cent from $163.8 million in the same period.

The firm said the increase was mostly thanks to stronger contributions from its resorts in the Maldives and higher revenue recognised from its project Tomlinson Heights.

However, lower profit contributions from The Interlace condomimium, which it jointly developed with CapitaLand, led its share of results of associates and jointly controlled entities to fall to $4.6 million in the first quarter, down from the $12.2 million a year ago.

Earnings per share for the three month period ended Mar 31 was 8.32 cents, up from 7.06 cents recorded in the same period a year ago.

Net asset value as at Mar 31 was $3.22, up from $3.13 as at Dec 31.