Room rate rise lifts hotelier's earnings
Sino Hotels (Holdings) has announced a 26.31 per cent rise in net profit for the six months to December 1995 reaching $71.4 million, helped by the improvement in average room rates of its hotel operations.
Turnover rose 12.1 per cent compared with the same period in 1994 to $132.54 million.
Operating profit rose 23.2 per cent to $56.8 million.
Earnings per share were 10.75 cents, a 26.3 per cent increase over the 1994 corresponding period.
Directors declared an interim dividend of 3 cents per share, payable on May 20.
Chairman Robert Ng Chee-siong said the company's two hotels - City Garden Hotel and Royal Pacific Hotel and Towers - reported satisfactory increases in room revenues due to improvement in average room rates.
Occupancy at City Garden Hotel reached 93.5 per cent and Royal Pacific 95 per cent during the six-month period.
This was against an overall industry average of 87.8 per cent over the same period in 1994.
