Banyan Tree Holdings’ revenue rose by six percent to S$69.8 million in Q2 2017 from S$65.9 million in the same period a year ago, revealed an SGX filing on Thursday (10 August).
The increase is attributed to higher contributions from its fee-based business that increased by 25 percent to S$16.4 million.
It also received deposits for 44 units with a combined market price of S$32.3 million in Q2 2017 compared to 30 units collectively valued at S$33.7 million a year ago. However, property sales dropped by 21 percent to S$11.5 million, with transacted units in the first phase of Laguna Chengdu posting a lower value.
Consequently, the company suffered a net loss of S$12.3 million in the second quarter, up 15 percent compared to a net loss of S$14.4 million in Q2 2016.
In the first half of 2017, the company’s revenue slid three percent to S$160.3 million versus S$165.7 in the corresponding period last year. It also recorded a net loss of S$11.1 million, a 20 percent improvement from a net loss of S$13.8 million previously.
In particular, fee-based revenue grew 15 percent to S$35.6 million during the six-month period, but revenue from property sales slumped by 46 percent to S$17.3 million on an annual basis.
“Overall unrecognised revenue as at 30 June 2017 was S$154.0 million as compared to S$87.0 million as at 30 June 2016, of which about 30 percent will be progressively recognised in the second half of 2017.”
Singapore-listed Banyan Tree Holdings currently owns or operates 41 hotels and resorts, 62 spas, 75 retail properties, and three golf courses across 25 countries. In addition, it has 13 hotels and resorts under construction, with another 23 properties under development.
This article was edited by Denise Djong.