SINGAPORE (Nov 3): HL Global Enterprises posted earnings of $0.50 million in 3Q16, close to three times higher than earnings of $0.17 million in the same quarter last year.
The increase was mainly due to HL Global only sharing the loss incurred by its investment in Copthorne Hotel Qingdao Co (CHQ) up to Feb 23, 2016. CHQ has been reclassified as an asset held for sale.
As a result, the Group’s share of net profit after tax in associate and joint ventures was $35,000 for 3Q16, compared to a net loss after tax in associate and joint ventures of $0.6 million in the same quarter last year.
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