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Hotel Properties posts 8.2% growth in 2Q earnings to $13.2 mil

Gwyneth Yeo
Gwyneth Yeo8/11/2016 07:53 PM GMT+08  • 1 min read
Hotel Properties posts 8.2% growth in 2Q earnings to $13.2 mil
SINGAPORE (Aug 11): Hotel Properties Limited saw 2Q16 earnings rise 8.2% to $13.2 million from a year ago due to higher share of results of associates and JVs.
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SINGAPORE (Aug 11): Hotel Properties Limited saw 2Q16 earnings rise 8.2% to $13.2 million from a year ago due to higher share of results of associates and JVs.

Revenue fell 20.8% to $129.7 million in the quarter to June, due to lower contributions from the Tomlinson Heights condominium development, weaker demand at its Maldives resorts, and the ongoing refurbishment works at Four Seasons Resort Maldives at Kuda Huraa.

Share of results of associates and jointly controlled entities rose 11-fold to $11 million, from the higher profit contribution from d’Leedon condominium development at Farrer Road. In addition, the group had made further investments in an associate which had completed the acquisition of Ludgate House and Sampson House in London, while another jointly controlled entity completed the acquisition of The Nam Hai, a five-star beachfront resort in Vietnam.

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