Hotel Grand Central issues profit warning
The Group is expected to report a loss for the 2nd quarter due to the proposed demolition of the Orchard Road hotel building.
As stated in the announcement by Hotel Grand Central Limited together with its subsidiaries on the 1Q12 financial results, the Group expected to report an impairment loss to the Group’s income statement as a result of the proposed demolition of the Orchard Road hotel building in the later part of 2012. This impairment loss resulted in a Group net loss for 2Q12.
Further details of the Group’s performance will be disclosed when the Group announces its 2Q12 financial results on or before 14 August 2012.