RESORT operator Banyan Tree Holdings sank further into the red on Wednesday, posting losses of S$7.9 million for the second quarter, versus S$5.4 million a year ago.
This came as revenue slid 24 per cent to S$51.8 million, dragged by a sluggish hotel business and fewer property sales recognised. Hotel investments - which generate more than half of Banyan Tree's revenue - saw a 13 per cent drop in revenue to S$33.6 million, due to weaker performance in Seychelles and Thailand.
Revenue from property sales tanked 70 per cent at S$4.5 million, as sales of properties like Cassia Phuket and Laguna Park are only expected to be recognised in the fourth quarter when construction is completed.
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