Hongkong and Shanghai Hotels loses HK$1.9b in 2020Business | 17 Mar 2021 3:05 pm
Hongkong and Shanghai Hotels (0045) recorded a net loss of HK$1.94 billion in 2020, from a net profit of HK$494 million a year before.
The Peninsula hotels owner said it may sustain an operating loss this year due to the coronavirus disease pandemic.
Underlying loss was HK$864 million, compared with an underlying profit of HK$480 million in 2019. Revenue plunged by 54 percent to HK$2.71 billion last year.
Loss per share were HK$1.18. It did not declare a dividend.
Revenue from The Peninsula Hong Kong dived by 45 percent to HK$603 million. The occupancy rate at The Peninsula Hong Kong increased by 13 percentage points quarter-on-quarter to 39 percent in the fourth quarter. In comparison, the hotel's occupancy rate was 35 percent in the first half of 2003 during the SARS epidemic.
The average room rate, which measures the average rental revenue earned for an occupied room per day, increased by 1.57 percent quarter-on-quarter to HK$2,975 in Hong Kong in the fourth quarter. Revenue per available room, calculated by dividing total room revenue by the total number of rooms available for sale, jumped by 54.34 percent quarter-on-quarter to HK$1,173 in Hong Kong in the fourth quarter.