CDL Hotels profit climbs

The country's largest hotel operator, CDL Hotels, yesterday reported a 25 per cent increase in half-year profit for the six months to June 30.

The company said the $8.2 million half-year profit, from revenue of $85.9 million (down 7 per cent), reflected strong performances from its hotels and the performance of its listed subsidiary, CDL Investments.

CDL's other listed subsidiary, Kingsgate International, which is being restructured, made only a small contribution to earnings.

CDL Hotels managing director Tsang Jat Meng said the result was pleasing in the circumstances of the Iraq war and Sars virus.

CDL Investment's profit rose 42 per cent to $3.7 million on revenue of $14.5 million, up 21 per cent.

Kingsgate's profit fell 67 per cent to $1.8 million as revenue dropped 45 per cent to $13.7 million.

CDL Hotels shares rose 2c to 29c yesterday. CDL Investment and Kingsgate shares were unchanged.