Banyan Tree records profit surge
Posted: Mon 28 Feb, 2011 1:33 PM
Singapore-based luxury hotel and resort operator, Banyan Tree, has reported a 422% spike in net profit for the year 2010.
The company s profit after tax grew from SG$3.0-million in 2009 to SG$15.7-million in 2010. The significant growth was brought about by a strong fourth quarter which saw a net profit of SG$19.5-million also aided by the sale of the Dusit Laguna Phuket. Ho Kwon Ping, executive chairman, Banyan Tree, was quoted in Travel Daily Asia as having said that going forward, they would continue their strategy of rebalancing their assets portfolio to redeploy their capital more efficiently in related businesses that would create more value and growth for the group.
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