HPL’s net profit crashed 68% to $14.3m in Q1

Due to weak contributions from its property arm.

Hotel Properties Limited (HPL) reported that its net profit crashed 68% year-on-year to $14.3m in the first quarter, dragged by weaker contributions from its property division.

In particular, there were no contributions from Tomlinson Heights, which achieved its Temporary Occupation Permit (TOP) in the same quarter last year.

The group also reported that its results were impacted by a weaker share of results from joint ventures and associates, which posted a loss of $3.9m this quarter compared to a profit of $4.6m in 1Q14.

This was due mainly to lower profit contribution from both The Interlace at Alexandra Road and d’Leedon at Farrer Road, Singapore, which were completed in September 2013 and October 2014 respectively.