Ong Beng Seng’s Hotel Properties trims H1 loss to $4.9 million

SINGAPORE - Hotel Properties (HPL), the real estate player owned by tycoon Ong Beng Seng, on Aug 13 reported a net loss of $4.9 million for the half year ended June 30, narrowing from a loss of $17.2 million in the corresponding year-ago period.

This comes as the group’s revenue rose 8.9 per cent year on year to $347.3 million from $319 million, on better performance by a majority of the group’s hotels and resorts, and the opening of Six Senses Kanuhura Maldives, which had undergone a major refurbishment, noted the group in a bourse filing.

Loss per share for the period was 1.62 cents, from 3.97 cents year on year.

For the six months, the group recorded a mark-to-market fair-value gain on long-term investments of $5.5 million, against a loss of $8.4 million a year ago.

Finance costs rose 8.3 per cent to $50.2 million, from $46.3 million in the first half of financial year 2023, due to higher borrowings and interest rates.

The group 

opened its first Japan hotel, Four Seasons Osaka,

on Aug 1. The Four Seasons Hotel Osaka is HPL’s 15th Four Seasons property, making HPL the largest owner of Four Seasons hotels in the world.

It is located next to mixed-use building One Dojima, which houses the Brillia Tower Dojima residential apartments that the group has a 25 per cent co-ownership in. “The sale of most of these apartments is expected to complete later this year,” the group added.

Shares of HPL closed flat at $3.53 on Aug 13, before the results were released.

THE BUSINESS TIMES