The annual net profit attributable to shareholders of HUAHK&S HOTELS (00201), SHUNHO PROPERTY (00219), and SHUNHO HOLDINGS (00253) is expected to increase year-on-year excluding taxes, revaluation, and depreciation.

HK&S HOTELS (00201), SHUNHO PROPERTY (00219), and SHUNHO HOLDINGS (00253) jointly announced that compared to the fiscal year ending December 31, 2023, the expected changes in net profit for each company in the fiscal year 2024 are as follows: HK&S HOTELS expects the net profit after tax, excluding revaluation and depreciation, to be no less than HK$103 million in 2024, compared to HK$41 million in 2023, an increase of over 151%. SHUNHO PROPERTY expects the net profit after tax, excluding revaluation and depreciation, to be no less than HK$145 million in 2024, compared to HK$97 million in 2023, an increase of over 49%. SHUNHO HOLDINGS expects the net profit after tax, excluding revaluation and depreciation, to be no less than HK$70 million in 2024, compared to HK$47 million in 2023, an increase of over 49%. The average occupancy rate for hotels in the group in the fiscal year 2024 is expected to exceed 90%. Compared to the fiscal year 2023, the hotel revenue for HK&S HOTELS, SHUNHO PROPERTY, and SHUNHO HOLDINGS is expected to increase by at least 16%, 13%, and 13%, respectively. The increase in net profit after tax, excluding revaluation and non-cash depreciation in the fiscal year 2024 compared to 2023 is mainly due to the increase in hotel revenue; no new opening or renovation costs for the lavish Bay Hotel in 2024; and no additional tax expenses in the fiscal year 2024. The decrease in net profit after tax, including revaluation and non-cash depreciation in the fiscal year 2024 compared to 2023 is attributed to the non-cash valuation decline caused by a weak property market.