- POSTED: 27 Feb 2014 13:55
Banyan Tree Holdings posted a 27 per cent drop in its fourth quarter net profit to S$3.7 million, hit by the political crisis in Thailand.
SINGAPORE: Banyan Tree Holdings posted a 27 per cent drop in its fourth quarter net profit to S$3.7 million, hit by the political crisis in Thailand.
Revenue for the quarter ended December 31, 2013 was flat at S$97.9 million.
Banyan Tree attributed the drop in earnings to the political upheaval in Bangkok which had affected its Thailand operations.
Looking ahead, it expects continuing political uncertainties in Thailand and this will affect its operations in the near term.
However, Banyan Tree said as economies in the US and Europe continue to recover in 2014, as well as an active China market, it expects its operations outside Thailand, such as Maldives to perform favourably.
Banyan Tree said overall forward bookings for Q1 2014 for owned hotels are currently 4 per cent below those of last year.
In addition, property sales in Thailand may remain slow given the negative sentiment towards the country as a result of recent political events.