Hotel Properties’ net profit plunged 30% to $124.4m in FY14

Due to lower profits from residential condos.

Hotel Properties reported that its net profit plunged 30% to $124.4m in FY14, due to lower profits from The Interlace condominium development at Alexandra Road and d’Leedon condominium at Farrer Road.

The group also reported lower fair value gains on investment properties, from $21.4m in FY13 to just $5.7m in FY14.

Despite higher contributions from the group’s resorts in the Maldives and Bali, Hotel Properties also recorded a lower revenue due to the completion of the Tomlinson Heights condominium development in March 2014.

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