Annual Report 2019
FAR EAST CONSORTIUM INTERNATIONAL LIMITED 50 MANAGEMENT DISCUSSION AND ANALYSIS Both OCC and ARR for Hong Kong in the second half of FY2019 recorded a robust growth to 96.5% and HK$872 per night respectively, leading to the rise of RevPAR to HK$842 per night, as compared to HK$791 per night in the second half FY2018. In FY2019, Dorsett Group benefited from the strong growth of the arrival of overnight visitors from a wide base of international visitors, primarily from Mainland China. The Group remains optimistic in further growing the hotel revenue in Hong Kong. In Malaysia, revenue from hotel operations for FY2019 remained flat at approximately MYR123 million as compared to FY2018. ARR were maintained at similar levels to those of FY2018 at MYR194 per night. OCC increased slightly by 0.8 percentage points to 74.7% as compared to the prior year. As such, RevPAR had a modest growth of 2.1% to MYR 145 per night. As can be seen from the operating data below, the operating performance of hotels in Malaysia maintained well for the whole year of FY2019 despite the economic difficulty in Malaysia. FY2019 FY2018 Malaysia 2H 1H 2H 1H Occupancy rate 72.8% 76.6% 75.4% 72.4% Average room rate (MYR) 191 196 192 194 RevPAR (MYR) 139 150 145 140 In Singapore, Dorsett Singapore recorded revenue of approximately SGD15.9 million for FY2019, down 4.4% year-on-year. For FY2019, OCC was 82.0% and ARR was SGD173 per night. RevPAR was recorded at SGD142 per night, as competition in the hotel market remained intense. Further operating data of the performance in Singapore is as below. FY2019 FY2018 Singapore 2H 1H 2H 1H Occupancy rate 82.2% 81.9% 86.3% 85.9% Average room rate (SGD) 170 176 174 173 RevPAR (SGD) 139 144 150 149 In Mainland China, OCC in FY2019 increased by 4.2 percentage points to 72.6% compared with FY2018 while ARR was recorded at RMB398 per night. As a result, RevPAR increased by 3.6% to RMB289 per night as compared to FY2018. Revenue increased by 1.6% to approximately RMB218 million for FY2019 mainly due to the strong growth of Dorsett Grand Chengdu and Dorsett Wuhan. OCC of Dorsett Grand Chengdu rose by 6.2 percentage points to 72.4% while RevPAR increased by 7.8% to RMB251 per night in FY2019. Dorsett Wuhan also recorded a strong growth in RevPAR of 8.9% to RMB242 per night for FY2019 as compared to prior year. FY2019 FY2018 Mainland China 2H 1H 2H 1H Occupancy rate 67.3% 77.8% 67.6% 69.2% Average room rate (RMB) 406 390 401 415 RevPAR (RMB) 274 304 271 287
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