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Shangri-La sees dip in 3Q net

KUALA LUMPUR (Nov 11): Shangri-La Hotels (M) Bhd registered a 38% year-on-year decrease in net profit to RM16.5 million for 3QFY11 ended Sept 30, while revenue was 0.8% lower at RM111 million.

In its announcement to Bursa Malaysia on Thursday, the group attributed the decline to higher write-offs of fixed assets and costs charged in 3Q for its guestroom renovation.

While Shangri-La expects overall market conditions to remain stable through the rest of the year, its outlook on its investment properties in Kuala Lumpur "remains challenging due to the ongoing weak levels of demand and significant oversupply pressures".

Its net profit for 3QFY11 of RM16.5 million was 26.42% higher quarter-on-quarter than its net profit of RM13.02 million in 2Q. It posted revenue of RM111 million in 3Q, a 9.18% increase from RM101.67 million in 2Q.

"The group's 3Q results largely benefited from the improved performance of Rasa Sayang Resort and Golden Sands Resort, reflecting healthy increases in both occupancy and average room rates," said the group.

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