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Global Premium Hotel’s 3Q earnings up 3.3%

October 31, 2014 9:43 PM SGT

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SINGAPORE (Oct 31): Global Premium Hotel says 3Q14 earnings ended Sept saw a 3.3% increase to $5.1 million from $4.9 million a year ago in 3Q13.

The budget hotel operator saw revenue rose 9.3% to $17.2 million from $15.7 million a year ago. Hotel room revenue for 3Q14 increased by $1.4 million, or 9.2% over 3Q 2013.

This was mainly due to full quarter contribution of $2.9 million from Parc Sovereign Hotel – Tyrwhitt and $0.1 million from Fragrance Hotel – Pearl.

But sales were partially offset by lower revenue of $1.3 million from the remaining hotels; and the closure of Fragrance Hotel – Elegance in 4Q13 due to cessation of tenancy agreement.

Group average occupancy rate (AOR) decreased to 87.4% from 91.6% while Revenue Per Available Room (RevPAR) decreased to $92.8 from $97.1.

Global Premium Hotel closed 1.4% higher at 35 cents.

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