Hotel Properties Limited

Name: Hotel Properties Limited financial statements and ratios
Creator: Annalist

H15 · SGX · Consumer discretionary, hotels · Singapore · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 30 March 2026. Snapshot FY2025_c11a68d3.

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Overview

Revenue, fiscal year

+7.2% year on year

Profit before tax, fiscal year

n.m. year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n.m. year on year

Pre-tax margin, fiscal year

−10.0pp year on year

Return on equity, fiscal year

−3.4pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was S$743 million, 7.2% higher than in the previous fiscal year.
Confirmedin FY2025 · stated since FY20237.2% from 7.9% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedRevenue for the fiscal year ended 31 December 2025 was S$743 million, 7.2% higher than in the previous fiscal year.Recorded from FY2025_c11a68d3 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was S$693 million, 7.9% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was S$642 million, 22.2% higher than in the previous fiscal year.Reconstructed · initial
The company reported a net loss of S$46 million for fiscal 2025, against net income of S$27 million in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewThe company reported a net loss of S$46 million for fiscal 2025, against net income of S$27 million in the previous fiscal year.Recorded from FY2025_c11a68d3 · data update
2. FY2025 RetiredThe finding changed to a loss.Recorded from FY2025_c11a68d3 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was S$27 million, 95.1% lower than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was S$561 million, 1,296.5% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was -2.2%, against 1.3% a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 4 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was -2.2%, against 1.3% a year earlier.Recorded from FY2025_c11a68d3 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 1.3%, against 29.8% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 29.8%, against 2.4% a year earlier.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents4 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_c11a68d3

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Singapore dollars

Profit Before Tax

By fiscal year, Singapore dollars

Profit Attributable to Owners of the Parent

By fiscal year, Singapore dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

These ratios have no value for the figures of this company.

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −4.6% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.6% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2025 · stated since FY2024−4.6% from −2.8% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.6% of average total assets.Recorded from FY2025_c11a68d3 · data update
2. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
3. FY2024 RetiredThe finding changed to earnings backed by cash.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 10.6% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPiotroski 5 of 9

Published distress and misstatement models, with their original coefficients and thresholds.

The Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20245.00 from 5.00 in FY2024
Rule: Piotroski F-score · Sources Annual report 2024-12, Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and margin higher than a year earlier.Recorded from FY2025_c11a68d3 · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to a middle score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 8 of 9. The signal not met was operating cash flow above net income.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

5 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Not met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	30 Mar 2026, the date on which the board approved the statements	AR:hotel-properties-2025-12-31	a9a77d48e36c
Annual report for the year to 31 December 2024	27 Mar 2025, the date on which the board approved the statements	AR:hotel-properties-2024-12-31	6c717bf295e4
Annual report for the year to 31 December 2023	27 Mar 2024, the date on which the board approved the statements	AR:hotel-properties-2023-12-31	d5b29045283a
Annual report for the year to 31 December 2021	28 Mar 2022, the date on which the board approved the statements	AR:hotel-properties-2021-12-31	7304d51d424a

Checks

261259 of 261 checks passed, 2 warnings

Statement arithmetic170 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit4 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports60 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Cost of sales, FY2020: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2021: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	180
Confirmed by other figures	44.4%, 80 values
Confirmed by a second document	33.3%, 60 values
Derived from reported figures	3.3%, 6 values
Values withheld	2
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Hotel Properties Limited, snapshot hotel-properties/FY2025_c11a68d3 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_c11a68d3 · dataset SHA-256 c11a68d3dee5635de48841ac78382244373d50c27832ac7095cd4d46d062ef8e · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json