Global Premium Hotels, the owner and operator of the second largest economy-tier hotel chain in Singapore, said for the three months ending June 30 (2Q2012), earnings fell 43.7% to $3.6 million from $6.4 million a year ago even though revenue increased 11.8% to $15.2 million from $13.6 million.
For the six months ended 30 June 2012 (1H 2012), it reported earnings of $10 million from $10.77 million a year ago (1H 2011), a drop of 7.1%.
The group achieved 1H 2012 revenue of $30.1 million, an increase of 19.6% year-on-year as compared to the corresponding period last year.
Revenue rose mainly due to stable operations of the 3 hotels that commenced operations in 2011-Parc Sovereign, Fragrance Hotel-Elegance and Fragrance Hotel-Riverside. These three hotels along with the better performance of Fragrance Hotel-Emerald, contributed an aggregate increase of $4.8 million for 1H 2012. Consequently, the group’s Average Occupancy Rate (AOR), surged 10.5p.p to 90.7% for 1H 2012.
In tandem with the increase in revenue, gross profit improved 18.1% y-o-y to $26.2 million for 1H 2012. However, gross profit margin felt 1.2 percentage point to 87.1% from 88.3%.
The board has declared an interim dividend of 0.2 cents per share.
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