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Peggy Sito

Sino Hotels Holdings has posted a modest increase of 4.9 per cent to $147.39 million for the year to June.

 This compared to profit growth of 29.02 per cent to $140.47 million in 1996.

 The slower growth was partly attributed to the decline in occupancy rates of its various hotels, reflecting the consolidation of the industry in Hong Kong.

 In view of the decline in tourist arrivals in Hong Kong, analysts said the earnings momentum of the hotel unit could slow in the current financial year.

 Earnings per share were 19.8 cents, against 19.2 cents, while turnover rose 16.4 per cent to $316.55 million, from $271.83 million.

 Directors declared a final dividend of five cents per share. Together with an interim of three cents per share, total dividends for the year amounted to eight cents per share.

 An option for shareholders to receive the final dividend in the form of new shares in lieu of cash was also proposed.

 Sino Hotels is majority-owned by the family of chairman Robert Ng Chee Siong, also chairman of property developer Sino Land Co.

 Mr Ng said the company's 50 per cent owned Conrad International Hotels' occupancy rate dropped slightly to 76.7 per cent since it acquired the stake in the hotel early this year.

 The effect was partly offset by the increase in average room rates.

 The company's wholly-owned City Garden Hotel recorded a 13.5 per cent rise in room revenues due to higher average room rates, though the occupancy rate fell to 91.2 per cent, from 92.7 per cent the previous year.

 Room occupancy at its 25 per cent owned Royal Pacific Hotel & Towers fell to 91.3 per cent from 93.2 per cent, but average room rates were up 12.3 per cent during the year.



Sino Hotels net creeps up 4.9pc on falling occupancy