Banyan Tree posts smaller Q3 net loss of $2.78m

Banyan Tree Holdings has posted a smaller net loss of $2.78 million in the third quarter compared to a net loss of $2.89 million the same period last year.

Banyan Tree attributed the loss to the “low season period” and the weak global economy.

For the quarter, revenue increased by 19% to $78.7 million, mainly led by higher contributions from hotel investments in Phuket and Seychelles and royalty fees from the sale of condominium units at Banyan Tree Signatures Pavilion in Kuala Lumpur and project design fees in China.

Banyan Tree says Banyan Tree Signatures Pavilion, its first hotel-residence concept with 441 residential units, has been sold out.

Meanwhile, the company said 11 Banyan Trees residential units in Mexico have also be sold to date, almost three times more than last year, when just three units were sold.

Banyan Tree said it continues to see recovery in key markets and full-year profit is expected to be higher than last year, barring unforeseen circumstances.