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Shangri-La Sees Healthy Profit Rise
Shangri-La Asia, a listed hotel group, feels encouraged by its business results in Asia, especially in China.
Its profits jumped 15 per cent to US$77 million last year compared to US$66.9 million in 1999.
The group contributed the results to strong performance on the Chinese mainland and in Hong Kong.
The group said in a statement that the combined revenue of its hotels on the Chinese mainland increased 22 per cent in 2000 over the previous year, largely due to the successful business of the hotels it opened in 1999, such as the Kerry Centre Hotel in Beijing and Shangri-La hotels in Wuhan and Harbin. The Pudong Shangri-La in Shanghai, which opened two years ago, recorded a revenue increase of 31.9 per cent.
Two hotels in Hong Kong increased their profits by 15 per cent to US$161.5 million.
Its hotels in Singapore and Malaysia also witnessed growths of 28.4 per cent and 32.9 per cent respectively from 1999.
The group is confident in its plan to expand in Asia in 2001, a representative of the group said.
Source: China Daily
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