Hongkong & Shanghai Hotels: Revenue Up, Profits Down

Hongkong & Shanghai Hotels (HK:0045) has released an update.

Hongkong & Shanghai Hotels reported a substantial 82% increase in combined revenue for the first half of 2024, reaching HK$4.9 billion, largely due to sales from Peninsula-branded London Residences. Despite the revenue surge, the company faced a loss of HK$448 million attributable to shareholders, influenced by factors such as renovation costs, the ramp-up of new hotels, and higher interest rates. The group’s net assets saw a minor decline, while maintaining a stable net external debt to total assets ratio at 25%.

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