HARBOUR Centre Development, the hotel arm of Wharf (Holdings), has announced a 37.24 per cent rise in profit attributable to shareholders to $60.8 million for the six months ended June 30.
The company, which saw a 7.8 per cent fall in profit to $127 million for the year ended December 31, improved its results by focusing on improving room rates while maintaining occupancy.
The previous losses were the result of bad economic conditions in the United States, where it has two hotels, and because of $4.3 million spent in an abortive attempt launched by Wharf (Holdings) to privatise the company.
Turnover rose 30.96 per cent to $589.2 million from $449.9 million for the six months ended June 30.
Earnings per share rose to 19 cents from 14 cents.
Directors declared an interim dividend of seven cents per share. The interim dividend will be payable on September 30 to shareholders on record as at September 23.
The Estimates Directory forecasts that the company's profits will be $161 million and $202 million in 1994 and 1995 respectively. Earnings per share is forecast to reach 51 cents for this year and 64 cents next year.
