KUALA LUMPUR : Shangri-La Hotels (M) Bhd’s net profit rose 31.65% to RM25.54 million in the first quarter ended March 31, 2018 (1QFY18), from RM19.4 million a year ago.
Revenue for the quarter grew 16.4% to RM151.48 million from RM130.14 million previously.
“The overall financial results for the first quarter 2018 benefited from the improved operating performances across the group’s hotel businesses as a result of better occupancies and average room rates,” Shangri-La said in a filing with Bursa Malaysia today.
“The group’s hotels and resorts are in a strong position to benefit from these trends,” said the group.
As for the investment properties, it said the operating environment for UBN Tower is expected to hold relatively steady throughout 2018, while the outlook for UBN apartments remains subdued in a lacklustre market.
Shangri-La’s share price closed up 25 sen or 4.03% at RM6.45 for a market capitalisation of RM2.73 billion.
