Mainboard listed Banyan Tree Holdings on Thursday announced it has booked a 38 per cent increase in first quarter earnings.
Its net income for the three months ended March 31 came in at S$15.4 million, largely driven by growth in its hotel investment and hotel residence/property sales segments. Its revenue rose by 34 per cent to S$140.3 million.
Banyan Tree said it is cautiously optimistic for the next few quarters.
It has a strong pipeline of 49 new resorts opening over the next four years, with 11 new spas expected to open in the next few quarters.
Ho Kwon Ping, executive chairman of Banyan Tree, said: "What we see for the balance of this year - both in terms of hotel business and property sales remain strong.
"We do not seem to be affected by the sub-prime crisis. So we remain optimistic that this year, we should be able to perform quite well." - CNA/ac
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