Hongkong and Shanghai Hotels earnings fall
Hong Kong – 20 March 2017 –
Hongkong and Shanghai Hotels, owner of the Peninsula Hotel chain, recorded a worse-than-expected 32.5 percent slump in 2016 earnings as escalating geopolitical uncertainties from Brexit, US presidential elections and global terror attacks dampened tourist sentiment.
Net income came in at HK$675 million (US$86.94 million), compared with consensus estimates of HK$684 million, according to a Reuters poll of analysts. Group revenue fell a smaller-than-expected 1.9 per cent to HK$5.63 billion, the South China Morning Post reported.
“The ‘Brexit’ vote, the US presidential elections, mixed economic performance in many of the countries in which … Read More