Global Premium Hotels’ net profit down 18.6% to $3.2m in Q1
Due to higher costs.
Global Premium Hotels reported that its net profit declined 18.6% year-on-year to $3.2m in the first quarter.
The decrease was driven by higher administrative and finance costs which increased 17.5% and 15.1%, respectively.
The group’s average occupancy rate decreased from 86% in the same quarter last year to 79.5% in 1Q15. Revenue per available room also slipped from $91 in 1Q14 to $82.4 in 1Q15.