30-01-2019, 09:42 PM
IPC CORP: Reports $25 m profit for 2018, boosted by value of Japan hotel management biz
Written by The NextInsight Team
Published: 30 January 2019
IPC Corporation has reported aftertax profit of S$24.968 million for 2018 compared to losses of S$4.768 million for 2017.
IPC said the sharp improvement was due mainly to a fair value gain in its preference shares investment in Nest Hotel Japan Corporation (“NHJC”).
The jump in fair value gain arose from the adoption of an accounting rule, SFRS(I) 9, on 1 January 2018.
IPC owns preference shares in NHJC which was incorporated in 2013 in Japan, and currently manages 12 hotels in Japan, under the “nest”,” Bespoke” and “Tissage” brands.
IPC reported revenue of S$9.0 million, gross profit of S$0.678 million -- and other gains of S$29.893 million in 2018.
The operational performance of NHJC was not consolidated into IPC's profit and loss statement.
More details in https://nextinsight.net/story-archive-ma...t-business
Written by The NextInsight Team
Published: 30 January 2019
IPC Corporation has reported aftertax profit of S$24.968 million for 2018 compared to losses of S$4.768 million for 2017.
IPC said the sharp improvement was due mainly to a fair value gain in its preference shares investment in Nest Hotel Japan Corporation (“NHJC”).
The jump in fair value gain arose from the adoption of an accounting rule, SFRS(I) 9, on 1 January 2018.
IPC owns preference shares in NHJC which was incorporated in 2013 in Japan, and currently manages 12 hotels in Japan, under the “nest”,” Bespoke” and “Tissage” brands.
IPC reported revenue of S$9.0 million, gross profit of S$0.678 million -- and other gains of S$29.893 million in 2018.
The operational performance of NHJC was not consolidated into IPC's profit and loss statement.
More details in https://nextinsight.net/story-archive-ma...t-business
Specuvestor: Asset - Business - Structure.