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<Warning>HK&S HOTELS Warns of Full-Yr Loss w/ Loss Attributable to Shareholders ~$900M
Recommend 6 Positive 2 Negative 14 |
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HK&S HOTELS (00045.HK) has issued a profit warning predicting that for the year ended December 31, 2024, its loss attributable to shareholders and underlying loss will amount to around $900 million and $200 million respectively, compared to profit attributable to shareholders and underlying profit of $146 million and $277 million respectively for the same period in 2023. Regarding its shift from a profit to a loss YoY, HK&S HOTELS believed that it was mainly due to an increase in depreciation of around 30% mainly attributed to The Peninsula London which opened in September 2023; an increase in net financing charges of approximately 150% as the group is no longer capitalizing interest on borrowings relating to The Peninsula London project following the opening of the hotel, as well as higher interest rates; a revaluation loss of the group’s investment properties of approximately $600 million for the year ended December 31, 2024, as compared to a revaluation gain of $186 million for last year; and an impairment provision of approximately $160 million in respect of the group’s investment in The Peninsula Yangon project. AAStocks Financial News |
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