With a $578.2 million profit in the second half, Ong Beng Seng’s Hotel Properties returns to the black

Hotel Properties (HPL) said on February 27 that its net profit for the six months ended December 31 was $578.2 million, a substantial increase from $38.3 million during the same period the previous year. Additionally, the net profit made up for the hotel operator’s $17.2 million net deficit in the first half of 2023. The second half’s revenue, $323.1 million, was higher than the previous year’s $276 million. Profits per share increased to 110.24 cents from 5.32 cents in the second half of 2022 as a result of the outcomes. Revenue climbed by 22.2 percent during the fiscal year, while net profit soared by over 14 times to $561 million from $40.2 million the previous year.

 

On long-term investments, it reported a mark-to-market fair-value loss of $11.9 million, which was less than the $17.3 million from the previous year. However, the cost of financing went up from $59.4 million to $98.3 million, mostly as a result of rising interest rates. Subject to shareholder agreement, the board of directors has recommended a special dividend of two cents per share in addition to a first and final payment of four cents per share. According to HPL, the due date and the date of the books’ closing will be disclosed when appropriate. The reconstruction of the Forum, voco Orchard Singapore, and HPL House into a mixed development including hotel, retail, office, and residential components has gotten preliminary authorization; specific designs are currently being developed.

 

It also anticipates that in the upcoming year, Bankside Yards, a residential tower in London with over 200 units, would move into the next stage of development. Due to its managing director and co-founder Ong Beng Seng’s involvement in a corruption investigation alongside former transport minister S. Iswaran, HPL has garnered media attention. On February 27, shares of HPL ended unchanged at $3.58 ahead of the results announcement. On February 28, they closed at $3.59.

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