Shangri-La Hotels (Malaysia) Bhd, controlled by tycoon Tan Sri Robert Kuok, expects the performances of its investment properties, which include UBN Tower and UBN Apartments to soften further through the fiscal year 2020, in tandem with weakening economic activity resulting from the Covid-19 pandemic.
The group expects the market conditions for its hotel operation to also remain weak and highly uncertain.
For the six months ended June 30, 2020, Shangri-La Hotels said its group revenue declined by 62 per cent to RM98.42 million from RM257.21 million for the same period in 2019.
It incurred a net loss of RM27.053 million for the first six months, compared to a net profit of RM31.68 million achieved in the previous year.