Hotel Properties

Hotel Properties (HPL): 1Q14 net profit gained 17% y/y to $44.6m, while revenue jumped 31% to $214.5m, on stronger contributions from the resorts in the Maldives as well as higher revenue recognised from Tomlinson Heights which obtained TOP in the quarter. Meanwhile, share of results of associates and jointly controlled entities declined due to the absence of contribution from The Interlace. NAV of $3.22/share.