Hotel Grand Central's 3Q profit jumped eight-fold to $31.5m

Thanks to strong shares from new hotels.

Hotel Grand Central (HGC)'s revenue in Q3 2016 increased by 11% compared to Q3 2015 mainly due to full quarter contribution to revenue in 2016 by Hotel Chancellor @ Orchard and Hotel Grand Central which soft opened in May and October 2015 respectively.

As a result, net profit surged by 798% to $31.5m.

HGC also gained $1.97m from foreign exchange compared to a loss of $1.74m in the corresponding period last year.

The sale of Hotel Grand Chancellor Surfers Paradise also brought $28.124m gain during the quarter.

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