Financial News
Written by: Kuang Yueting
2021-03-17 12:32
Last update date: 2021-03-17 12:32
The Peninsula Hotel's parent company Grand Hotel (0045) announced last year's results. The loss attributable to shareholders was 1.94 billion yuan. In 2019, it recorded a profit of 494 million yuan; a loss per share of 1.18 yuan; no final dividend was paid.
Revenue for the period was 2.71 billion yuan, a sharp decline of 54% year-on-year. Excluding the after-tax impact of revaluation of investment property changes and impairment provisions, the basic loss was 864 million yuan, and the basic profit in 2019 was 4.8 100 million yuan.
The income of The Peninsula Hong Kong fell 45% to 603 million yuan, the average rent fell by 42% year-on-year, and the occupancy rate fell by 27% year-on-year.
Expected to still experience operating losses in 2021
As of the end of last year, the group had 5,609 full-time employees, compared with 7,451 last year, a year-on-year decrease of 1,842 employees.
The group explained that the sharp drop in the number of employees was mainly due to the layoffs and vacations within the group caused by the epidemic, recruitment suspension, natural loss, and changes in the equity of the Thai country club.
The group expects that in the foreseeable future, global travel restrictions, quarantine and safety issues will continue to restrict people’s travel, and a full recovery will take several years. Therefore, the group will continue to implement financial management and strict cost control in the coming year. The new crown virus epidemic continues to severely hit the tourism industry, and the group may still experience operating losses in 2021.
However, the group believes that as long as the global economy recovers, the demand for high-end luxury hotels will resume, so it still focuses on the construction of new Peninsula hotels in London, Istanbul and Yangon, as well as development plans for the Peak Tram upgrade.
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