Hongkong and Shanghai Hotels looking at $900 million loss in 2024

Hongkong and Shanghai Hotels (0045), operator of Peninsula Hotels, warned of a loss of HK$900 million last year due to revaluation loss and increases in depreciation, impairments, and net financing charges.

By comparison, it saw a net profit of HK$146 million in 2023, the company said in a filing on Friday.

The underlying loss, which excludes the post-tax effects of unrealized property valuation movements, impairment provision, and other non-operating items will amount to around HK$200 million in 2024, a reversal of an underlying profit of HK$277 million from the previous year.

The company said it recorded a revaluation loss of about HK$600 million on its investment properties for 2024, a steep drop compared to a revaluation gain of HK$186 million for 2023.