Hotel Properties posts 8.8% decline in Q1 net profit

Mainboard-listed Hotel Properties has posted an 8.8-percent drop in net profit to S$9.8 million during the first quarter ended March 31.

Revenue rose 0.5 percent to S$120.1 million compared to the same period in 2009.

According to the group, hotels in Maldives and Bali had lower room rates due to strong competition, while those in Singapore achieved higher occupancies.

Looking forward, Hotel Properties said that uncertainties still remain, although the economy has shown signs of recovery.

Its two proposed condo developments at the former Farrer Court site and at the former Beverly Mai site at Tomlinson Road will be ready for launch later this year, it added.