KUALA LUMPUR: Shangri-La Hotels (M) Bhd was among the top gainers on Bursa Malaysia in Wednesday morning trade (May 31), after it returned to the black in the first quarter ended March 31, 2023 (1QFY2023).
The stock gapped up on Wednesday, opening eight sen or 3.13% higher at RM2.64, before rising as much as 19 sen or 7.42% to RM2.75.
At the time of writing, the counter was eighth on the gainers' list of the local bourse, and had pared its gains to settle 14 sen or 5.47% higher at RM2.70.
On Tuesday, the hotel operator reported a net profit of RM8.27 million for 1QFY2023, compared to a net loss of RM12.94 million a year earlier, thanks to stronger results across its hotel operations underpinned by a more favourable business environment.
“Throughout the quarter, the group's hotels and resorts witnessed a continued rebound in market demand, leading to good improvements both in rooms and the food and beverage business,” the group, whose brands include Shangri-La Hotels Kuala Lumpur, Rasa Ria Resort and Hotel Jen Penang, said in a bourse filing.
Quarterly revenue more than doubled to RM116.31 million, from RM57.12 million for 1QFY2022.
The group said the outlook for its hotel operations remains encouraging, with travel demand recovering at a resilient pace.
Meanwhile, it said the operating environment for its investment properties in Kuala Lumpur continues to be challenging amid subdued demand.
Source : The Edge Markets
