Hongkong & Shanghai Hotels ( (HK:0045) ) just unveiled an update.
The Hongkong and Shanghai Hotels, Limited has issued a profit warning, projecting a significant financial downturn for the fiscal year ending December 2024, with an anticipated loss of HK$900 million. This decline is attributed to increased depreciation from their new property, The Peninsula London, elevated net financing charges due to ceasing capitalisation of interest post-opening, a substantial revaluation loss on investment properties, and an impairment provision for The Peninsula Yangon project amidst ongoing uncertainties in Myanmar’s tourism market.
More about Hongkong & Shanghai Hotels
The Hongkong and Shanghai Hotels, Limited operates in the hospitality industry, primarily focusing on luxury hotel development and management. The company is known for its Peninsula brand, which includes properties in various international locations, catering to high-end clientele.
YTD Price Performance: -3.50%
Average Trading Volume: 7,700
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $1.29B
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