Hotel Properties Limited, whose managing director Ong Beng Seng is involved in a corruption probe, has reported a loss of $17.2 million for its 1HFY2023, reversing from earnings $1.9 million in the year earlier.

Revenue in the same period was up 27.9% y-o-y to $319 million, as its hotels see better performance with the resumption of travel.

However, the company's bottomline was weighed down by a loss of more than $16 million for its associates and joint ventures, which HPL says suffered from higher borrowing costs.

As at June 30, HPL has an NAV of $3.10, which, rare for a property company, is lower than its market price, which closed at $3.65 on Aug 11.

HPL says that barring unforeseen circumstances, the operating performance of its hotels and resorts are expected to continue to improve for the rest of the year, with the second half being traditionally the stronger season for hospitality industry in general.

"The group, however, is mindful of the continuing challenges such as inflationary cost pressures and rising interest rates," says HPL.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/vicplas-reports-521-lower-profit-after-tax-42-mil-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Vicplas reports 52.1% lower profit after tax of $4.2 mil for FY2023</a></b></span>

Both Ong (picture), and transport minister S Iswaran have been arrested by the Corrupt Practices Investigation Bureau.

Ong Beng Seng's HPL reports $17.2 mil loss for 1HFY2023

VTAC proposes business combination with live streaming platform 17LIVE

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Trade Stocks, ETFs, Forex and Futures with Phillip Nova:

RHB ‘upbeat’ on Raffles Medical’s contract win for providing medical services at Connect@Changi

Redevelopment of Marina Square ‘decent RNAV accretion’ of 4% to 6% for UOL, says Citi

Citi ups TP while DBS keeps 'buy' call on Singtel following long-awaited divestment of loss-making Trustwave

Ong Beng Seng's HPL reports $17.2 mil loss for 1HFY2023

Related News

Highlights

VTAC proposes business combination with live streaming platform 17LIVE

Related News

All eyes on the night race as Singapore stages a September surprise

HPL redeveloping northwest Orchard Road

General manager of Enviro-Hub’s 80.25%-owned subsidiary resigns after CPIB investigation