Banyan Tree Hotels & Resorts 1st Quarter Operating Profit Down 51% Vs. Q1 08 But More Than Doubled Q4 08 Results
Banyan Tree Holdings Limited announced today its first quarter result which shows a 125% increase in operating profit compared to 4Q08 which was also a traditional peak season of the year. Hotel/resorts in both Thailand and Maldives registered significant improvement amidst a reprieve in the political instability in Thailand and global economic downturn. However, compared to 1Q08, operating profit was 51% below to S$24.5 million as the adverse effects of a series of political upheaval in Bangkok and Phuket and the global economic downturn started to impact the Group since second half of 2008.