Asia Pacific resort manager and developer Banyan Tree has posted half year result which shows a 31% increase in revenue and a 41% increase in operating profit, driven by its strong growth in its Hotel Residences.Mr. Ho KwonPing, Executive Chairman of Banyan Tree said, “We are satisfied by the strong growth in our branded Hotel Residences sales. Revenue achieved at half time has already surpassed what we have achieved the whole of 2007 and 2006. This is a clear affirmation of our brand strength. We are also very pleased that our operating profit or EBITDA increased by an even larger 41% from Sing$52.2 million to Sing$73.6 million.”
The Group’s total operating expenses for the half year increased by 28% largely due to higher operating supplies and administrative expenses which were in line with the increase in revenue. There were also increases in staff strength to support the new hotel operations in Banyan Tree Madivaru and Angsana Riads Collection, Morocco, as well as in existing operations to support the increased level of activities in various segments.
“We are cautiously optimistic that our prospects remain broadly positive despite the current global economic slowdown and costlier air travel resulting from high fuel prices.”