Banyan Tree Holdings' topline jumped 17% to S$96.9m

Boosted by strong Thailand resorts occupancy.

According to DBS, Banyan Tree Holdings (BTH) has started the year well, reporting earnings of S$14.2m (+19 y-o-y) on the back of a 17% increase in topline to S$96.9m. 

Here's more:

The improved performance was portfolio-wide with its owned & managed resorts seeing strong RevPAR growth of c8% y-o-y to S$255, driven by higher average daily rates, especially its resorts in Thailand, while occupancy levels remained stable at c57%.

In particular, the Thailand resorts are doing well (Phuket and Bangkok) with occupancies in the mid-80% levels and the newly opened Angsana Phuket hitting a record 93% occupancy for the quarter.

This was offset partly by softer revenues from its property sales segment (branded residences and existing properties). The group also reported a one-off gain from the sale and lease back transaction of Angsana Velavaru to CDL Hospitality Trust.