Guoco Leisure profit drops on higher costs

Guoco Leisure first-quarter profit fell 29.2 percent to US$16.5 million on the costs of rebranding its hotels and other higher operating expenses. Revenue in the three months to end-September rose 3.2 percent to $107.8 million. 

The company is made up of four divisions. Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London’s Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.