Tag Archives: Developers

Banyan Tree reports $4.2m Q2 loss

Posted on 14 Aug 2009 | Comments Off on Banyan Tree reports $4.2m Q2 loss

Resort operator hurt by political situation in Thailand, H1N1 outbreak

BANYAN Tree Holdings has reported a loss attributable to shareholders of $4.2 million for the second quarter ended June 30 – down from a $3.5 million profit a year back – as the unstable political situation in Thailand was compounded by the H1N1 flu outbreak and economic weakness.

But the resort operator expects a better performance for the second half-year.

Second-quarter revenue fell 44 per cent to $59.8 million on lower contributions from some business segments.

Revenue from hotel investment dropped 15 per cent to $32.4 million year on year, as resorts in Thailand and the Maldives reported lower Continue reading →

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CDL expects to start South Beach in Q3 ‘10

Posted on 14 Aug 2009 | Comments Off on CDL expects to start South Beach in Q3 ‘10

Q2 net profit falls on lower development margins, weaker hotel showing

CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng says construction of the delayed South Beach project is likely to begin around the third quarter of next year, with CDL and new investor Nan Fung group of Hong Kong probably the ones that will pump in further money.

CDL’s two earlier joint-venture partners in South Beach, El-Ad Group and Dubai World, are likely to be passive investors who may then see their share in the project diluted. ‘I think they have other priorities,’ Mr Kwek said on the sidelines of CDL’s Q2 results briefing yesterday.

The group posted a 15.3 per cent drop in net earnings to $139.98 million and a 32.4 per cent decline in first-half net profit to $223.1 million due to lower profit margins from property development and a weaker showing from its hotels business, which was hit by the global economic slump. Continue reading →

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