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Global Premium Hotels reports 4Q16 earnings fall by half to $2.6 mil

PC Lee
PC Lee2/10/2017 06:46 PM GMT+08  • 2 min read
Global Premium Hotels reports 4Q16 earnings fall by half to $2.6 mil
SINGAPORE (Feb 10): Global Premium Hotels saw 4Q16 earnings nearly halved to $2.6 million from $4.9 million a year ago on the back of lower revenue.
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SINGAPORE (Feb 10): Global Premium Hotels saw 4Q16 earnings nearly halved to $2.6 million from $4.9 million a year ago on the back of lower revenue.

For FY16, earnings fell 19.3% to $11.9 million on the back of 4.6% lower revenue of $58.3 million.

Revenue for the 4Q16 ended Dec fell 7.8% to $13.9 million. Hotel room revenue decreased by 8.0% to $13.6 million mainly due to lower hotel room revenue recognised from most of the hotels, including one hotel which had to close temporarily to facilitate asset enhancement works.

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