SINGAPORE : Hotel Properties (HPL) has reported a three-fold increase in first quarter earnings.
Net income came in at S$11.7 million, up from S$4.4 million in the same period a year ago.
HPL attributed the higher profit to contributions from the two Four Seasons Resorts in Maldives which started operations in the last quarter of last year.
Other hotels in the group, particularly those in Singapore and Bali, also recorded higher room rates or occupancies.
But HPL also saw an increase in interest expense as a result of higher borrowings to finance various recent investments.
These included the recent acquisitions of Beverly Mai and Horizon Towers and the purchase of a 41 percent interest in Hermill Investments, which owns Forum The Shopping Mall.
HPL expects the outlook for the second quarter to be promising. - CNA /ls
Source: Channel News Asia
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