Financial news
Written by: Lin Leqian
2020-02-12 09:35
Last updated: 2020-02-12 09:36Langham Hotel Investment (1270) announced full-year results, with revenue of HK $ 483 million during the period, a year-on-year decrease of 21%, and a significant decrease in the fair value of investment properties, with a net loss of 2.6 billion, and a profit of 8.9 during the same period in 2018 100 million yuan.
The hotel portfolio revenue was 1.351 billion yuan, a decrease of 17.1%. Distributable income was 259 million yuan, a year-on-year decrease of 37%, and 3.4 cents per fund unit was distributed at the end.
The Group's three hotels (Langham Hotel, Cordis Hotel and Eaton Hotel) average room rentable room revenue dropped 55.5% in the second half of last year, down 31.1% for the year. Last year, the hotel occupancy rate was 73.3%, a year-on-year decrease of 18.4 percentage points, and the average room rent was 1,553 yuan, a year-on-year decrease of 13.9%.
Langham said that the demonstrations that lasted several months caused a heavy blow to the economy, leading to a rapid decline in hotel room demand in the second half of the year. At the same time, the outbreak of a new coronavirus in mainland China has worsened business conditions. As a result, hotel managers are continuing to adopt cost-saving strategies to protect hotel profits. It is expected that the performance in the first half of this year will lag significantly behind 2019.
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Hospitality industry
