Raffles wins Award for 'Best Hotel Company in Asia'

Raffles Holdings has been ranked the "Best Company" in Asia in the Hotels sector by Global Finance magazine. Global Finance recently announced the results of its sixth annual ranking of the "Best Companies in Asia  covering a range of key sectors in an exclusive survey, to be published in the November 2003 issue.

The basis for choosing the winners included both objective and subjective criteria such as revenue and profitability growth, market capitalisation growth, social responsibility, percentage of revenues and employees outside the  home country, technology or product breakthroughs, M&A success, crisis control and aggressiveness in market building.

Ms Jennie Chua, President and CEO of Raffles Holdings, said, "We are delighted to be named as the Best Company in the Hotel sector in Asia. The  first seeds of growth of Raffles Holdings were planted in Asia, just over 12 years ago; in fact in one hotel, Raffles Hotel, Singapore. Today, the majority of our earnings comes from the hotels and resorts which we operate outside Singapore, in 33 destinations across the globe. This expanded geographical footprint, coupled with our strategy to continue to pursue growth via an asset  light strategy, have certainly given us a diversified earnings base and greaterresilience in challenging market conditions."

Mr. Joseph D. Girraputo, President and Publisher of Global Finance, said, "As certain that we can be that the business environment will change from year to year we can also be certain that a select few companies will possess the qualities for success in the face of change. The companies we have selected this year possess the qualities necessary not just for success but also for excellence"