Olam Essay

33292 Words Sep 11th, 2014 134 Pages
H otel ProPerties limited
ANNUAL REPORT 2008

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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

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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
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In accordance with FRS 40 Investment Property, the Group recorded a fair value adjustment loss on investment properties of $37.6 million to arrive at Group net profit attributable to shareholders of $32.9 million for the year ended December 31, 2008, compared to $150.1 million last year, which included a fair value gain on investment properties of $103.7 million. RECENT DEVELOPMENTS The Hotel Division made progress in 2008. An important development during this year was the takeover of the management of Le Meridien Singapore. Now known as Concorde Hotel Singapore, this four-star business class hotel located in the city centre at Orchard Road is undergoing refurbishment of rooms and facilities in several phases, with minimal disturbance to guests. June 2008 also witnessed the soft opening of Kandooma Maldives, the Group’s fourth property in the Maldives. This resort is situated on an island in the South Male Atoll, and comprises 160 garden and beach villas, duplex villas and water villas. It is designed to attract experienced and discriminating travellers. The construction of the Hard Rock Hotel Penang, Malaysia, is underway smoothly. Scheduled to open in the second half of 2009, it will be the latest addition to the Group’s existing two Hard Rock hotels in Pattaya and Bali.

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The Four Seasons Hotel in Mahe, Seychelles, developed by an associated company of the Group, was officially opened on 6

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