HPL Reports 64% Climb In Q2 Earnings

Source : The Business Times, August 14, 2008

Hotel Properties Limited (HPL) on Thursday said that net profit for the three months ended June 30, 2008 rose 64.3 per cent as the group's hotels and resorts did better.

Net profit rose to S$15.5 million for the second quarter, up from from S$9.4 million in Q2 2007.

Revenue for the three months rose to S$141.6 million, up 28.8 per cent from the S$109.9 million recorded in the corresponding period last year.

The increase was mainly due to higher income from HPL's The Met condominium in Thailand and stronger contributions from the hotels and resorts in general, the company said.

Earnings per share for the three months rose to 3.07 Singapore cents, from 1.95 Singapore cents a year ago.

Looking ahead, the slow down of world economies, coupled with high inflation, means that businesses are currently facing a challenging environment, HPL noted.

'Nevertheless, the group will continue to record profit from The Met condominium development as the construction progresses and from its hotel division as travel and accommodation business traditionally perform well in the second half of the year,' HPL said in a filing to the Singapore Exchange.

HPL shares closed 4 cents down at S$1.96 on Thursday.