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Shangri-La Asia is back to black with 1H2023 net profit, but NAV dips marginally

The Edge Singapore
The Edge Singapore  • 2 min read
Shangri-La Asia is back to black with 1H2023 net profit, but NAV dips marginally
Shangri-La Asia announced net profit of US$131.4 million in 1HFY2023, a turnaround from a loss in 1HFY2022
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For the six months ended 30 June 2023 (1HFY2023), Shangri-La Asia announced net profit attributable to owners before non-operating items of US$64.6 million, a swing of US$169.6 million compared to a loss of US$105 million in 1HFY2022. Net profit attributable to owners of the company including non-operating profit, was US$131.4 million in 1HFY2023, a swing of US$289.6 million versus a loss of US$158.2 million in 1HFY2022.

Revenue rose 60.3% y-o-y in 1HFY2023 to US$1.006 billion. The company said this was mainly due to the robust recovery of the hotel business, in Hong Kong and Mainland China which experienced strong demand following the easing of cross-border restrictions earlier this year. Additionally, sustained momentum in international travel and tourism activities supported revenue growth in other regions where the Group maintains operations. “The combined effects of rebounding travel activities, relaxed pandemic related restrictions, and pent-up consumer demand catalysed the revenue growth during the period,” Shangri-La’s results statement said.

In addition to the rebound in the hotel business, Shangri-La benefitted from an exceptional foreign exchange gain of US$42.3 million arising from an appreciation of Sri Lankan rupee during the period as well as net fair value gain of US$29.8 million on investment properties during 1HFY2023.

Net asset value fell 2% y-o-y to US$1.44 as at June 30.

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