by millionairemind » Fri May 14, 2010 6:26 pm
May 14, 2010, 6.13 pm (Singapore time)
Hotel Grand Central reports 8% fall in Q1 net profit
By NISHA RAMCHANDANI
NET profit for Hotel Grand Central declined eight per cent to $6.95 million for the first quarter ended 31 March 2010 due to smaller unrealised foreign exchange gains.
Total revenue rose by 40 per cent to $33.5 million as its hotels in Australia, Singapore and New Zealand chalked up higher occupancies. Contributions from new hotels in China and Adelaide also boosted revenue growth.
Earnings per share fell from 1.62 cents to 1.42 cents.
Commenting on future outlook, the group said that industry operating conditions in countries where the group has hotels is expected to remain competitive this year.
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