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HOTELS & TOURISM | Staff Reporter, Singapore

Banyan Tree back in the black with $20.59m profit in Q3

This comes as the company reels from $10.8m loss a year ago.

Banyan Tree is back in the black as it posts $20.59m in net profit in Q3 thanks to $40.4m gains in divestment following a joint venture with China Vanke Co., Ltd as well as higher revenue contributions from property sales.

This is welcome news to the company as it recovers from a $10.8m loss incurred a year ago.

According to UOBKayHian, BT’s key Thailand market continued to register strong growth at 10% YoY in Q3 while other markets like Seychelles also posted strong growth this quarter.

Revenue similarly increased 9% YoY to $68.29m in Q3 due to higher revenue contributions from property sales with the completion of Cassia Bintan and sale of initial units

This was partially offset by lower contribution from fee-based and hotel investments segments and higher forex loss.

BT has 8 new resorts and 11 spas set up for launch in the next 12 months. 

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