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Dorsett Hospitality International Announces 2014/15 Interim Results

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HONG KONG, Nov. 26, 2014 /PRNewswire/ — The board of directors of Dorsett Hospitality International Limited (HKEx Stock Code 2266) announces the unaudited condensed consolidated results for the six months ended 30 September 2014 as follows:

Financial Highlights

  • Revenue declined 34.4% to HK$714.6 million due to the inclusion of HK$498.4 million of revenue from the sales of apartments in Singapore in the comparative period of last year.
  • Recurring Revenue from the hotel operations reached HK$704.9 million, an increasingly stronger growth of 20.5% compared to HK$584.8 million reported in the same period of last year, primarily due to the increased room count and the stronger LFL Revenue per available room (“RevPAR”).
  • Net profit declined 80.3% to HK$65.0 million due to the inclusion of net profit from the sales of apartments inSingapore and the revaluation gains on investment properties in the same period last year.
  • Earnings per share was HK3.1 cents, 81.2% lower compared to the same period of last year.
  • RevPAR improved marginally by 0.4% to HK$563 driven by 0.5% increase on Average Room Rate (“ARR”) to HK$753, while the Occupancy Rate (“OCC”) decreased marginally by 0.1% compared to the same period of last year.
  • On a LFL basis, RevPAR increased by 2.2% to HK$573 largely due to increase of 1.5% on ARR and a marginal increase of 0.5% point on OCC.

The board has declared an interim dividend of HK2 cents per share for the six months ended 30 September 2014.

In reviewing the Group’s performance, Ms Winnie Chiu, President and Executive Director of Dorsett Hospitality International Limited, said, “Global economic uncertainties will continue affecting the travel industry in the near term. Despite these uncertainties, travel industry is expected to continue growing in the near term, driven by the increasing outbound travelers from the emerging markets, in particular the PRC, while in the medium term, on the back of the improving economic conditions, outbound travelers from the advanced economies are expected to return to positive growth.”

She added, “Despite the challenges and uncertainties, the Group remains optimistic in the global travel industry and our ‘Chinese Wallet’ strategy. The Group is fully committed to our well defined and proven business model to develop, own and operate our hotels.”

As at the end of September 2014, the Group operates and manages 6,544 rooms of which 6,043 rooms are owned and 501 rooms are managed. With the current development pipelines, including both self-owned and management hotels, the Group’s hotel room inventories will exceed 8,600 by the end of FY2017. These new hotels are expected to generate significantly larger cash flow stream for the Group.

– End –

www.dorsett.com

About Dorsett Hospitality International

Headquartered in Hong Kong, Dorsett Hospitality International (HKEx Stock Code 2266), is a spin-off from Far East Consortium Limited. With three brands under its umbrella ….the upscale and midscale Dorsett Hotels & Resorts and d.Collection comprising a range of charismatic boutique hotels; and the value-led Silka Hotels; the group currently owns and manages 30 hotels in China, Hong Kong, Singapore, Malaysia and United Kingdom; with eight more openings within the next two years in China, Hong Kong, Malaysia and United Kingdom. For more information on Dorsett Hospitality International, visit: www.dorsett.com.

Dorsett Hospitality International – Media Contact

Kattie Hoo
Director of Marketing and Communications
T: +6016 2011 340
E: kattie.hoo@dorsett.com

KahPeng Loke
Communications Manager
T: +6016 2011 343
E: kahpeng.loke@dorsett.com

Y Yuen
Public Relations Manager
T: +852 6223 0100
E: yohji.yuen@dorsett.com

Source: Dorsett Hospitality International

Written by asiafreshnews

November 27, 2014 at 1:53 pm

Posted in Uncategorized

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