Bonvests Holdings’ net profit increased 26.5 percent to $7.91 million during the first quarter ended March 31 on the back of firmer sales and a one-off gain from selling the Burger King business in Singapore.
Bonvests, which is involved in hotel management and property development, reported an increase in its earnings per share to 2.012 cents, from 1.461 cents over the same period last year.
Revenue from continuing operations climbed 7.1 percent to $37.7 million, due to higher revenue from property and hotel rentals.
Bonvests – which operates two luxury hotels in Mauritius and Tunisia and the Sheraton Towers Singapore Hotel – recorded a 15.8-percent increase in revenue from its hotel business to $22.5 million, attributed mainly to higher occupancy rates.
Bonvests earned $1.76 million from the Burger King divestment, which was registered as “other income”.
Including its discontinued food and beverage business, it saw a drop of 6.7 percent in total revenue to $47.5 million.