The Hongkong and Shanghai Hotels H1 net profit up 27.4%

Sep. 12, 2008 (China Knowledge) - The Hongkong and Shanghai Hotels Ltd<45>, a Chinese operator of hotel, retail, commercial and residential properties in Asia and the United States, announced that its net profit for the first half of this year amounted to HK$1.619 billion, up 27.4% year on year. Earnings per share were HK$1.12.

As of the end of June, after deducting non-recurring profit and relevant tax items, the company's net profit totaled to HK$530 million, increasing 35.9% over the corresponding period of last year. The company's short-term business growth momentum mainly came from non-hotel property operations.

Currently, the company has plenty of capital, said Kwok King Man, CEO of the Hongkong and Shanghai Hotels, adding that it is an opportune time to invest and acquire assets in spite of the global economic downturn. 

The property operator declared an interim dividend of HK$0.065 per share.

Its shares edged down 2.24% to close at HK$10.46 on Thursday.