Excluding non-recurring items and the non-recurring revaluation contribution from the Sun International portfolio acquisition in the first quarter of last year, MINT’s net profit increased by 9 per cent in the first half of this year compared with a year earlier.

A company press release yesterday said the non-recurring items included a revaluation contribution from the Tivoli acquisition in the first quarter of this year and a fair-value adjustment of investment in the BreadTalk Group in Singapore in the second quarter.

Minor Hotels reported a net-profit increase of 73 per cent in the first half, reflecting its strong acquisition capabilities as well as the solid operational performance of its existing hotel and residential portfolios, MINT said. Minor Food reported a net-profit increase of 34 per cent in the first half and of 67 per cent in the second quarter.

These year-on-year increases were primarily a result of the strong performance of the Thailand and China hubs, a higher contribution from Minor DKL in Australia after Minor Food’s increase in shareholding from 50 per cent to 70 per cent last November 2015, and the fair-value adjustment of investment in BreadTalk Group upon the change of investment status from available-for-sale investment to investment in an associate.

Meanwhile, Minor Retail reported a year-on-year net profit decrease of 41 per cent in the first half, primarily due to the pre-opening expenses of two new brands, Brooks Brothers and Kojima Premium Denim, which were launched in the second quarter.