Hotel Properties has sunk into a loss of $46.2 million for its FY2025, after taking into account items such as a higher fair value loss on long-term investments.
In contrast, the company majority-held by tycoon Ong Beng Seng, made a profit of $27.2 million in the preceding FY2024.
Ong stepped down as HPL's managing director last April, but is still holding on to a total interest of around 60% in the company.
For its FY2025, revenue was up by 7.2% over FY2024 to $742.7 million, and gross profit was up slightly from $143.7 million to $153.5 million for the year under review.
HPL attributes the higher revenue to the opening of Four Seasons Hotel Osaka in August 2024.
In FY2025, HPL booked a mark-to-market fair value loss of $16.3 million on long-term investments compared to $1.5 million.
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It incurred slightly higher finance costs of $108.2 million and had to account for higher income tax and non-controlling interest.
On the other hand, its share of losses from associates and jointly controlled entities decreased from $57.5 million for FY2024 to $15.7 million for FY2025, mainly due to lower fair value loss and a gain recorded by Paddington Square, London upon a favourable settlement of disputes with a tenant it did not name.
Despite the losses, the company plans to maintain a final dividend of four cents per share, same as FY2024.
HPL shares closed at $5 on Feb 27, up 1.63% for the day and up 38.89% in the past one year.
