Published:
UOL's hotel segment offsets 6% drop in revenue
Hotel revenue surged by 25%.
According to DBS, UOL’s 3Q13 results were largely in line with expectations. Despite a 6% y-o-y drop in revenue, bottomline was 6% higher over the previous period. This was achieved due to a 6.5ppt improvement in gross margins to 49.8% led by a recovery in hotel operations.
Here's more:
Apart from the opening of Parkroyal Pickering and Pan Pacific Serviced Suites Beach Rd from 2Q13, Parkroyal Darling Harbor and Parkroyal Yangon also performed better. As such, hotel revenue jumped by a healthy 25%. Other segments such as rental income and hotel management fees also expanded y-o-y and helped offset the dip in residential revenue.
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