20 Jan 2014

GuocoLeisure profit down

1:36 pm on 20 January 2014

Singapore-based investment company GuocoLeisure says its first-half profit fell 14.9% largely because its Bass Strait oil and gas royalty payments fell 12.5%.

Net profit for the six months to December fell to $US30 million from $US35.3 million in the same six months a year earlier.

Guocoleisure, which is planning to delist from the New Zealand stock exchange from 27 June says revenue rose 5.2%, mainly because of higher sales from its hotel and property development operations.

The company, formerly Brierley Investments, says growth in demand from higher-paying corporate clients means its London hotels are able to charge higher prices.

The company expects its London hotels will outperform its hotels elsewhere in Britain and Europe.