Hongkong and Shanghai Hotel Limited (HSH), which operates The Peninsula hotels, has announced its results for full-year 2010, with underlying profits climbing 26% year-on-year to HK$408 million (US$52.3 million). The company’s full-year revenues rose 12% year-on-year to HK$4.7 billion. HSH Chief Executive Officer, Clement KM Kwok, said 2010 represented a mixed year for the company.
“While hotel revenues recovered partially towards the 2008 pre-crisis levels, inflationary pressures have remained on operating and other costs, especially labour costs, and margins continue to be under pressure,” Kwok said, adding that the group’s Greater China hotels had driven the recovery.
Comments are closed.