Global Premium Hotels' profit up 46.9% to $6.4m in 1Q12
The increase may have been due to the contribution from three new hotels launched last year.
Global Premium Hotels Limited delivered a net profit of $6.4 million for the three months ended March 31, up 46.9% year-on-year. The jump in profit came on the back of a 28.8% increase in revenue to $14.9 million for 1Q 2012.
Commenting on the good performance, Mr. Lim Chee Chong, Chief Executive Officer of Global Premium Hotels, explained, “Besides the additional revenue contribution from the three new hotels, Parc Sovereign Hotel, Fragrance Hotel-Elegance and Fragrance Hotel-Riverside, we have also improved our average occupancy rate in 1Q 2012 by 15.7 percentage points to 91.7%.”
The three new hotels have been well-received since the commencement of operations, reaching an AOR of between 89% to 98% in 1Q 2012. Most noteworthy, Fragrance Hotel-Riverside achieved an AOR of 98% and Revenue Per Available Room of $126.48 in 1Q 2012 within just four months of operation. Mr. Lim added, “Our improvement in occupancy rate and RevPAR further attests to our established track record in hotel operation. I am pleased we have shown once again our ability to bring the performance of new hotels on par with existing ones within a relatively short time frame.”