Raffles Holdings Reports Half-Year Earnings

SINGAPORE— Raffles Holdings reported that net profits for the half-year were approximately $182 million, compared to $19 million for the same period last year. The company noted that earnings were boosted by the sale of a 55% stake in Raffles City, the hotel and shopping complex, for approximately $187 million. Part of this money will go to SAir Group as repayment for Swissotel, which Raffles acquired in April. Swissotel’s performance for June was incorporated in Raffles’ first-half performance. Operating profit, however, fell by 10% to approximately $37 million, in line with the global downturn and foreshadows the group’s gloomy outlook for the second half. SOURCE: HVS International