<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published March 10, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Harry's sees fall in 2008 profits, looks for small hotel
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SINGAPORE'S largest bar chain operator Harry's Holding Ltd said yesterday its 2008 profits will fall, and it is looking to buy a small hotel on the island-state as its food and beverage business is saturated.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Mr Mulani: 'We are not looking to expand more Harry's ... We are looking for a small boutique hotel to buy, a Harry's hotel'</TD></TR></TBODY></TABLE>'We are looking for opportunities,' Harry's CEO Mohan Mulani told Reuters in an interview.
'We are not looking to expand more Harry's ... We are looking for a small boutique hotel to buy, a Harry's hotel,' he said, adding this would be for around 70-80 rooms.
Mr Mulani said the chain's net profit in 2008 would be below the S$2 million for 2007, even though revenues for 2008 would rise to S$40 million from S$27.5 million in 2007, due to some 'non-performing' venues last year.
Harry's is listed on the Phillip Securities OTC Capital market and is due to release its 2008 earnings at the end of this month.
Mr Mulani said the global financial crisis was not making a significant impact on sales at Harry's, but it has closed down four outlets and now has 29 outlets.
The chain, the favourite of former Barings bank trader Nick Leeson, caters to both local and expat professionals.
'People are looking for more value for money when they come to Harry's,' he said, adding people tended to pay for less expensive drinks and food.
Singapore is in its worst ever recession, with government leaders projecting the trade-dependent economy could shrink by 8 or even 10 per cent this year as demand for its exports slumps. -- Reuters
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Harry's sees fall in 2008 profits, looks for small hotel
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>SINGAPORE'S largest bar chain operator Harry's Holding Ltd said yesterday its 2008 profits will fall, and it is looking to buy a small hotel on the island-state as its food and beverage business is saturated.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Mr Mulani: 'We are not looking to expand more Harry's ... We are looking for a small boutique hotel to buy, a Harry's hotel'</TD></TR></TBODY></TABLE>'We are looking for opportunities,' Harry's CEO Mohan Mulani told Reuters in an interview.'We are not looking to expand more Harry's ... We are looking for a small boutique hotel to buy, a Harry's hotel,' he said, adding this would be for around 70-80 rooms.
Mr Mulani said the chain's net profit in 2008 would be below the S$2 million for 2007, even though revenues for 2008 would rise to S$40 million from S$27.5 million in 2007, due to some 'non-performing' venues last year.
Harry's is listed on the Phillip Securities OTC Capital market and is due to release its 2008 earnings at the end of this month.
Mr Mulani said the global financial crisis was not making a significant impact on sales at Harry's, but it has closed down four outlets and now has 29 outlets.
The chain, the favourite of former Barings bank trader Nick Leeson, caters to both local and expat professionals.
'People are looking for more value for money when they come to Harry's,' he said, adding people tended to pay for less expensive drinks and food.
Singapore is in its worst ever recession, with government leaders projecting the trade-dependent economy could shrink by 8 or even 10 per cent this year as demand for its exports slumps. -- Reuters
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