Olam

In: Business and Management

Submitted By shayetet13
Words 33304
Pages 134
H otel ProPerties limited
ANNUAL REPORT 2008

letoH seitrePorP detimil
8002 TROPER LAUNNA

“The Group’s profit before income tax and fair value adjustments to investment properties increased by 28.2% to $94.3 million from $73.5 million last year.” Joseph Grimberg
Chairman

Contents

stnetnoC

Chairman’s Statement Business Review Corporate Information Financial Statements Corporate Governance Report Particulars of Group Properties Statistics of Shareholdings

04 06 16 17 86 95 99

Substantial Shareholders 100 Notice of Annual General Meeting 101

Chairman’s statement 2008
FINANCIAL REVIEW Group revenue for the year ended December 31, 2008 increased by 33.6% to $612 million from $458.2 million last year. The strong revenue growth was largely attributable to higher income from The Met condominium development in Thailand as well as stronger contributions from the Group’s hotels & resorts in Singapore, the Maldives and Bali. Consequently, the Group’s profit before income tax and fair value adjustments to investment properties increased by 28.2% to $94.3 million from $73.5 million last year. Group borrowings increased, mainly due to further contributions towards the Group’s 22.5% share of the remaining acquisition cost for the Farrer Court site, as well as payment of development expenditure for The Met condominium in Thailand. This resulted in corresponding increases in investment in associates and development properties. Trade receivables also increased, mainly due to recognition of income from The Met condominium in Thailand. Nevertheless, finance costs decreased by 15.5% from $40.1 million last year to $33.8 million for the year under review, due to lower prevailing interest rates. The Group’s share of results of associates and jointly controlled entities decreased, mainly attributable to lower contribution from the Oasis Riveria condominium…...

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