HPL’s net profit surges 74.1% to $12.2m in Q2

Thanks to Tomlinson Heights sales.

Strong sales at the luxury Tomlinson Heights condominium drove Hotel Properties Limited (HPL)’s steep profit surge in the second quarter.

The group’s attributable profit jumped tp $12.2m in the second quarter, 74.1% higher compared to $7m in the same period last year.

HPL’s bottom line was boosted by the sale of completed condominium units from the Tomlinson Heights development.

However, share of results of associates and jointly controlled entities decreased due mainly to lower profit contribution from d’Leedon condominium development at Farrer Road which was completed in October last year.

Losses incurred by the newly opened Four Seasons Hotel, the Wescliff in Johannesburg and lower contributions from the Group’s hotels and resorts in Malaysia also contributed to the reduction.