The Group recognised higher net impairment losses on investment properties of $74.3 million in FY 2025 (FY 2024: $19.5 million). The FY 2025 impairments related mainly to properties in China, partially offset by reversals of impairment losses previously provided on properties in Australia and the UK. In comparison, the FY 2024 impairments were associated with properties across Australia, China and the UK. Hotel Operations Revenue for this segment increased by $27.9 million to $1,650.0 million (FY 2024: $1,622.1 million), while pre-tax profit increased by $62.6 million to $256.0 million for FY 2025 (FY 2024: $193.4 million). Revenue growth was primarily due to contributions from Hilton Paris Opéra hotel and The Mayfair Hotel Christchurch that were added to the Group’s hotel portfolio in May 2024 and January 2025, respectively. This was offset by lower contributions from Singapore hotels, which had benefitted from major events in FY 2024 such as the Taylor Swift concerts and biennial Singapore Airshow, which boosted visitor arrivals. Although revenue grew only marginally, pre-tax profit for FY 2025 for this segment increased substantially, supported by gains from the divestment of Comfort Inn Near Vail Beaver Creek and JW Marriott Hotel Singapore South Beach, partially offset by a much lower net reversal of impairment losses on hotels in FY 2025. In FY 2024, the Group reversed impairment losses of $55.4 million made on hotel properties that were mostly located in the US. Others Revenue for this segment – comprising mainly income from building maintenance contracts, project management, club operations, laundry services and dividend income – increased by $48.2 million to $258.2 million for FY 2025 (FY 2024: $210.0 million), mainly due to higher project management fees earned. Despite higher revenue achieved, this segment recorded a pre-tax loss of $24.0 million for FY 2025 (FY 2024: pre-tax profit of $16.0 million), largely due to the Group's share of loss from First Sponsor Group Limited arising from fair value losses on financial derivatives instruments (including derivatives that had matured in the current year). 2024 2025 Revenue By Business Segment ($ million) Revenue By Business Segment Property Development Hotel Operations Investment Properties Others 7% 14% 46% 33% Profit Before Tax By Business Segment* -3% 46% 33% 24% $772.0 million $3.6 billion Property Development Hotel Operations Investment Properties 939 1,622 1,650 500 513 210 258 1,166 Others * Includes share of after-tax profit of associates and JVs. 2024 2025 $1.5 billion 1% 46% 35% 18% EBITDA By Business Segment* Profit Before Tax By Business Segment* ($ million) Property Development Hotel Operations Investment Properties 19 193 256 358 16 182 (24) Others 146 ANNUAL REPORT 2025 | 83
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