LANGHAM-SS (01270) announces its 2024 performance, with a net profit attributable to shareholders of approximately HK$232 million, a year-on-year decrease of 78.6%.

LANGHAM-SS (01270) announced its full-year performance for 2024, with hotel portfolio revenue at approximately HK$15.877 billion, a decrease of 1.9% year-on-year; property income net amount at about HK$3.81 billion, a decrease of 22.97% year-on-year; net profit attributable to equity holders of the Company at around HK$2.32 billion, a decrease of 78.6% year-on-year; distributable income at HK$1.13 billion, a decrease of 62% year-on-year; and a final distribution per share of 1.6 HK cents. The announcement stated that the significant decrease in profit was mainly due to a substantial increase in fair value of investment properties in 2023 by HK$9.263 billion, while the increase in 2024 was more moderate at HK$1.865 billion.