Hotel Grand Central (H18) H1 2024 earnings summary

Executive summary

• H1 revenue was $67.985m versus $72.887m; net profit attributable to owners was $7.530m versus $10.443m.

• Lower hotel operating profits were partly offset by higher fixed-deposit interest income and a much smaller foreign-exchange loss.

Financial highlights

• Hotel operations revenue was $62.224m versus $67.015m; investment-property rental income was $5.761m versus $5.872m.

• Operating profit was $8.704m versus $12.929m; profit before tax was $12.894m versus $15.393m.

• Net profit was $7.530m versus $10.443m; income tax expense was $5.364m versus $4.950m.

• Total comprehensive income was $5.929m versus a loss of $3.730m, including a $2.168m fair-value gain and $3.769m currency translation loss.

Outlook and guidance

• The Board will continue reviewing and monitoring operating costs in H2 2024 amid ongoing cost pressures and industry challenges.

• Hotel markets in principal operating locations are expected to remain highly competitive in 2024.