Pan Pacific Hotels Group (formerly known as Hotel Plaza) has posted a 25 per cent year-on-year drop in third quarter net earnings to $10.1 million on the back of a 6 per cent revenue dip to $72.8 million.
For the first nine months, the group’s net profit slid 39 per cent over the same year-ago period to almost $27 million. Revenue fell 12 per cent to $205.1 million.
‘The group expects the business climate to continue to remain challenging,’ it said.
Source : Business Times – 13 Nov 2009
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Hotel Royal Limited on Friday said its net profit for the third quarter to end September fell 9.7 per cent to S$2.30 million due to lower contribution from the hotel segment as a result of the weaker tourism market.
Revenue was up 3 per cent at S$9.53 million, lifted by the additional contribution from the newly acquired Penang properties..
The group said it is more optimistic of the tourists’ market and expects to have better room occupancy for the fourth quarter of 2009.
Source : Business Times – 13 Nov 2009
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