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Banyan Tree Q3 loss deepens to $9.4m; CFO steps down to head new Phuket unit

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SINGAPORE - Resort operator Banyan Tree Holdings sank further into the red with a net loss of $9.4 million for its third quarter ended Sept 30, compared to a $7 million loss a year ago.. Read more at straitstimes.com.

SINGAPORE - Resort operator Banyan Tree Holdings sank further into the red with a net loss of $9.4 million for its third quarter ended Sept 30, compared to a $7 million loss a year ago.

Loss per share stood at 1.12 cents for the quarter, versus loss per share of 0.83 cent for the year-ago period, Banyan Tree said in a bourse filing late on Wednesday night .This came amid lower revenue recognition from the property sales segment due to timing difference, as achieved sales of Cassia Phuket, Laguna Park townhomes/villas and Banyan Tree 3 Beds Pool Villas are expected to be recognised only in Q4 when construction is completed, the company said.

Mr Kuan, 53, will helm a new property leasing unit as part of the company's business growth, mainboard-listed Banyan Tree said in a filing late on Wednesday night. He has been with the group since 1992 in various roles.Mr See had concurrently held the position of CFO before Mr Kuan assumed the role last November. Upon Mr Kuan's cessation, Mr See will continue to oversee Banyan Tree's human resource, risk management, legal and internal audit functions.

 

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