Hotel Grand Central (H18) H2 2024 earnings summary

Executive summary

• FY2024 revenue declined to $140.5m from $149.1m; the Group recorded a $14.0m net loss versus $11.9m profit, mainly due to a one-off New Zealand tax charge.

• Year-end assets were $1.51b, net gearing remained nil and net assets per share were $1.71; the Board recommended a 1.5-cent final dividend.

Financial highlights

• Revenue was $140.488m, down from $149.126m; hotel operations contributed $129.096m and investment-property rent $11.392m.

• Operating profit was $5.422m versus $16.497m; profit before tax was $7.648m versus $24.316m.

• Net loss attributable to owners was $13.990m versus $11.873m profit; income tax expense rose to $21.638m from $12.443m.

• Excluding the $15.971m one-off deferred tax charge from New Zealand tax-law changes, the reported loss was substantially affected by foreign-exchange losses and fair-value adjustments.

Outlook and guidance

• 2025 operating performance is expected to remain challenging, with recovery mixed across markets and operating costs pressured by labour shortages, climate preparations and high interest rates.

• Singapore and New Zealand hotel markets are challenging; a strong Singapore dollar against the Australian and New Zealand dollars is expected to continue driving translation losses.

• Australia showed hotel-market growth in early 2025, while global uncertainty, including US tariff announcements, clouds the outlook.