FRIDAY, March 29, 2024
nationthailand

Banyan Tree in the black for first time since 2015

Banyan Tree in the black for first time since 2015

One-off gains helped Singapore-based luxury resort developer Banyan Tree Holdings get back in the black for the first time since 2015, when it suffered its worst loss.

Profit came in at S$12.93 million (just over Bt3 billion) for the 12 months to December 31, a stark turnaround from the S$16.2 million loss in 2016. Revenue was up 3 per cent to S$317.5 million.
The better performance was largely due to a S$21.2 million increase in other income, mainly gains from the deconsolidation of certain entities after an agreement with China Vanke last August to create Banyan Tree Assets (China) Holdings.
Net profit for the fourth quarter fell 54 per cent to $3.9 million, mostly because of the absence of the benefit enjoyed last year from a reclassification in net fair value gain after Thai Wah became the group's associate.
Revenue increased 9 per cent, thanks to the recognition of the sales of 31 units of Cassia Phuket (Phase 2) and higher turnover from its Thailand, Seychelles, Indonesia and Morocco resorts, and partially offset by lower revenue from China and Maldives.

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