• Core performance: Commercial and hospitality revenues grew 10% with a 15% increase in EBITDA, driving combined headline EBITDA margins to 46.5% and expanding overall margins by nearly 2.3%.
• Residential wind-down: Management advised looking past volatile consolidated numbers, noting that residential is a one-off business with remaining revenue from two fully sold towers to be recognized across Q2 and Q3.
• Demand drivers: While foreign tourist arrivals fluctuated due to Middle East geopolitical tensions, domestic leisure revenue surged 19%, social event bookings remained strong, and higher volumes of smaller group bookings compensated for caution in large MICE events.
• Cost management: Margin expansion in hospitality was driven by cost control measures, including not replacing natural employee attrition, curbing utility expenses, and reducing non-essential costs such as select lounge offerings.