The Hongkong and Shanghai Hotels (HSH), which operates the Peninsula hotel brand, achieved a rise in profits in the first half of the year.
In the six months to 30 June 2013, the company generated profits of HK$169 million (US$21.8m), 8% more than the same period last year. This followed a 5% rise in revenues, which reached HK$2.54 billion, and the group said its financial position “remained strong”, although challenges remain.
“These results were achieved despite challenging market conditions, especially with continued intense competition in many of its hotel markets,” HSH said in a statement.
“The group continues to face the challenge of rising costs, not only from inflation but also as it brings assets back into operation after renovation and expand its offerings and services to cope with the increased business levels, albeit at room rates which continue to be depressed in many of its hotel markets,” it added.
In its hotels division, revenues at the flagship Peninsula Hong Kong climbed 7%, while the Peninsula Shanghai and Peninsula Bangkok both climbed 11%, and Peninsula Tokyo rose 12%.
HSH also signed its first hotel in Myanmar in the first half of 2013, as well as buying land for the development of a new hotel in central London.
Comments are closed.