1Q08 Net Profit up by 38% on the back of a 34% increase in total revenue
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1Q08 Net Profit up by 38% on the back of a 34% increase in total revenue
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Catégorie : Monde - Économie du secteur -
Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 02-06-2008
Highlights:
1. Total Revenue increased by 34% to S$140.3 million
1. Operating Profit increased by 37% to S$50.3 million
1. Profit After Tax and Minority Interest increased by 38% to S$15.4 million.
1. Continuing strong contribution from Hotel Investment and Hotel Residences/Property Sales segments.
1Q08 Results Snapshot (in S$’million) :
1Q08
1Q07
Change (%)
Total Revenue*
140.3
105.1
34 h
Operating Profit**
50.3
36.7
37 h
PBT#
37.2
27.4
36 h
PAT@
25.3
19.6
30 h
PATMI^
15.4
11.2
38 h
Main-Board listed Banyan Tree Holdings Limited (“Banyan Tree” or the “Group”), a leading manager and developer of premium resorts, hotels, spas and galleries, announced today a 34% increase in Total Revenue to S$140.3 million and 38% increase in PATMI to S$15.4 million, largely driven by Hotel Investment and Hotel Residences/Property Sales segments.
Mr Ho KwonPing, Executive Chairman of Banyan Tree said, “We are pleased with the strong growth of our businesses particularly our Hotel Residences sales segment. Since the successful launch of this concept in Phuket, we continue to see strong revenue growth in Phuket and now in other regions especially in Lijiang, China. Hotel Investment segment continue to perform well in line with our expectation and we are optimistic that the positive trend will continue into the rest of 2008.”
The Group’s total operating expenses increased by 32% largely due to higher operating supplies, administrative expenses and other operating expenses, which were in line with the increase in revenue. There were also increases in staff strength to support the new hotel operations in Banyan Tree Madivaru and Angsana Riads Collection, Morocco, as well as increased activities in its existing operations.
The Group’s overall cash and cash equivalents increased by 9% to S$85.9 million mainly due to proceeds from the issuance of Medium Term Notes in the fourth quarter of 2007, but were offset by various investments, construction and renovation projects and repayment of bank loans during the period.
(A) BUSINESS SEGMENTS REVIEW
Total Revenue increased by S$35.2 million or 34% to S$140.3 million, largely contributed by Hotel Investment, Hotel Residences and Property Sales Segments.
Hotel Investment
The strong growth in Hotel Investment segment was mainly due to better performance from resorts in Laguna Phuket, Banyan Tree Bangkok and the newly refurbished Angsana Velavaru, coupled with additional revenue from the newly opened Banyan Tree Madivaru and Angsana Riads Collection, Morocco. EBITDA increased by 20% in line with the increase in revenue.
Hotel Residences
Sales of branded residences recorded a strong revenue growth of more than 4-fold due to sales and recognition of 26 units of Dusit Villas, 6 units of Banyan Tree Lijiang Villas Townhouses and 2 units of Banyan Tree Bangkok Suites. As a result of the higher revenue, EBITDA increased significantly from S$1.7 million in 1Q07 to S$7.7 million in 1Q08.
Property Sales
Property Sales recorded a revenue growth of S$3.4 million or 18% due to progressive sales and recognition of Laguna Village Villas, Townhomes phase 2 and Bungalows phase 3 & 4. EBITDA increased by 12% in line with the increase in revenue.
(B) OUTLOOK
1Q08 results have been in line with our expectation. Although we are in a period of uncertainty in the world economy and global financial markets, there has so far been no material negative impact on our hotel operations. Barring unforeseen circumstances, we therefore remain cautiously optimistic on the performance of the Group in the next few quarters.
Real Estate Development fund
Banyan Tree Indochina Hospitality Fund
In January 2008, Banyan Tree set up its first US$400 million Indochina Hospitality Fund to finance resort development in Hue, Vietnam. The first closing of US$100 million took place in February and the second round of capital raising is now underway. The final closing is expected to take place before the end of the year. Based on initial road show carried out in the Middle East recently, there continues to be investor interest in the Indochina Fund.
Hotel Operations
In general, hotel bookings for the traditional soft second quarter remain reasonably healthy.
The rebranded Angsana Velavaru (79 keys) which completed its final phase of renovation of its land villas in December 2007, achieved strong occupancy in the 1st quarter and is expected to contribute positively in 2008.
We expect to see full year contribution of 6 (40 keys) Angsana Riads Collection in Morocco which was officially launched in December 2007.
In second half of 2008, Dusit Laguna Phuket will have an additional 28 two bedroom pool villas added to its existing inventory.
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