GuocoLeisure, investment company which owns and operates the Guoman and Thistle brand of hotels, posted a 89% rise in 1Q earnings to US$31.4 million ($43.4 million) from a year ago.
For the three months to September, revenue fell 2% to US$115.1 million due to lower Bass Strait oil and gas royalty income, hit by lower average crude oil and gas prices, a decline of oil production and the weakening AUD against the USD also affected the overall royalty earnings.
However, the drop in royalty was offset by higher gaming revenue. Meanwhile, hotel revenue was stable compared to same quarter last year as a result of improved RevPAR offset by the weakening of the GBP against USD.
In its review and outlook, GuocoLeisure says the transformation of its hotels division is on track with overall hotel RevPAR for the quarter growing 11% against the same quarter last year.
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For the three months to September, revenue fell 2% to US$115.1 million due to lower Bass Strait oil and gas royalty income, hit by lower average crude oil and gas prices, a decline of oil production and the weakening AUD against the USD also affected the overall royalty earnings.
However, the drop in royalty was offset by higher gaming revenue. Meanwhile, hotel revenue was stable compared to same quarter last year as a result of improved RevPAR offset by the weakening of the GBP against USD.
In its review and outlook, GuocoLeisure says the transformation of its hotels division is on track with overall hotel RevPAR for the quarter growing 11% against the same quarter last year.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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