SINGAPORE: Hotel Properties announced here the other day that its first-quarter earnings slumped to $14.3 million.
This is less than a third of the $44.6 million from the same period a year ago.
Revenue for the three months ended March 31 fell to $158.9 million, down from the $214.5 million previously, due to lower contributions from its property division as the Tomlinson Heights condominium development was completed in the first quarter last year.
“Interest expense relating to the project previously capitalised were expensed, contributing to an increase in finance costs of the group,” said Hotel Properties in a filing to the Singapore Exchange.
