Hongkong and Shanghai Hotels falls on seeing loss in 2024

Hongkong and Shanghai Hotels

17/02/2025 03:56

** Shares of Hongkong and Shanghai Hotels Ltd  0045.HK  fall
2.5% to HK$5.88, on course for the biggest one-day pct decline
since Jan. 28
    ** Stock sinks to the lowest since Feb. 5
** The operator of Peninsula Hotels and Hong Kong tourist
attraction Peak Tram expects its 2024 net loss amounting to
HK$900 mln ($115.67 mln) and underlying loss at HK$200 mln, as
compared to HK$146 mln net profit and HK$277 mln underlying
profit in 2023 
    ** Says the weak results are due to an increase in
depreciation of The Peninsula London, a rise in net financing
charges and revaluation loss of investment properties, as
compared to revaluation gain in 2023
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.01%,
while Hang Seng Index  .HSI  adds 0.1%
    ** Stock rose 6.5% last year 
     
     
    ($1 = 7.7807 Hong Kong dollars)

(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))