Langham - SS (01270) released its interim results for the six months ending June 30, 2024. The group achieved ...
Zhittong Finance App News, Langham - SS (01270) released its interim results for the six months ending June 30, 2024. The group achieved a revenue of HKD 0.191 billion, a decrease of 18.91% year-on-year. Shareholders and holders of orders should hold a surplus of HKD 43.02 million during the period, a decrease of 93.18 % year-on-year. Basic earnings per share and order are 1 Hong Kong cent.
The group's hotel portfolio business has shown good growth in the first two months of this year compared with the same period last year. This growth is partly due to less obstacles to this year's business environment, and some conferences and events have also resumed. However, due to changes in the structure of the passenger group and the emergence of new consumer behaviors, coupled with the increasing number of local people exploring dining services in cities outside of China Hong Kong in the Greater Bay Area, the growth momentum began to slow down in March 2024. Therefore, the total revenue in the second quarter was not only lower than that in the first quarter, but also lagged behind last year's performance. Nevertheless, the overall performance in the first half of 2024 has slightly improved. Overall, the total revenue of the group's hotel portfolio increased by 7.2% annually.
The group's hotel portfolio has successfully achieved a balance between occupancy rate and average room rate, which increased by 3.3 percentage points and 4.2%, respectively. Therefore, the average rental income per room increased by 8.1% annually in the first half of 2024. The catering business has slightly grown in the first half of 2024, with catering revenue increasing by 5.7% annually, mainly from banquet business.