SINGAPORE (Feb 27): Earnings of resort-developer Banyan Tree soared 127% to $12.8 million for 4QFY2019 ended December from $5.6 million a year ago, following higher revenue contributions across its business operations.

Revenue for the quarter was up 71% to $158.5 million. Income from property sales was up three-fold to $92.4 million, following the completion of its Cassia Phuket condominiums which recognised revenue from 188 units.

Hotel investments generated $48.1 million, 1% higher than 4QFY2018 on income from the addition of 45 rooms to Banyan Tree Phuket. However, the segment was partially hit by an under performance of its hotels in Maldives due to stiff competition from new luxury hotels that opened there last year.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook