OrchardParadeHotel: FY2010 results were strong with rev in at $196.2m +115%yoy, and net profit at $82.5m +524.8%yoy. Fair value gains on invt properties was $7.6m, without which, co would have still posted solid profit of $74.9m. Co attributed rev growth due to recognition $135.8m from the Floridian project although both other division Hospitality and Investment divsion posted gains as well compared to prev yr...
Co is cautiously optimistic that business conditions will remain positive for year 2011, despite higher inflation and property cooling measures, and will bode well for both hospitality and its Floridan project in Bukit Timah. At current NAV of $2.72, co trades at low P/B of 0.55x. Declared div of 6c, comprising of a special div of 2c, total yield of 4% for 2010.
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