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Mainboard-listed Banyan Tree Holdings, a manager and developer of premium resorts, hotels, spas and galleries, today said the group registered revenue of $88.2 million and PATMI of $5.2 million in 1Q09, a decrease of 33% and 66% compared to the same period last year (1Q08).
The Hotel Investment segment achieved revenue of $58 million in 1Q09, an improvement of 10% compared to 4Q08, which was also a traditional peak season of the year.
With a reprieve from the political crisis in Thailand in 1Q09, its resorts in Thailand performed well with overall occupancy improving from 52% in 4Q08 to 60% in 1Q09. Overall Revpar also increased by 20% from $179 to $214. The Maldives region continued its strong sales growth in 1Q09. Occupancy was 87%, an increase of 21% points compared to 4Q08 while Revpar increased by 21%.
The Hotel Residences segment and Property Sales segment recorded a combined revenue of $8.7 million, a decrease of 77% or $29 million compared to 1Q08.
The group's total operating expenses for first quarter of 2009 decreased by 29% in all category of expenses, largely due to lower revenue and cost-cutting initiatives implemented group-wide. The group's overall cash and cash equivalents decreased 37% from $85.9 million in 1Q08 to $53.9 million in 1Q09 mainly due to lower profit generated in the current quarter.
Banyan Tree said the current political instability in Thailand will affect tourist arrivals. As at 4 May, it has received cancellations amounting to $523,000 in rooms revenue for Thailand. The cancellations represent 5% of total on-the-book (OTB) revenue (ie forward booking reservation).
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