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Shangri-La Hotels (Malaysia) Q1 profit falls YOY

Shangri-La Hotels (Malaysia) Bhd. said its first-quarter normalized net income came to 5 Malaysian sen per share, a decrease of 9.0% from 5 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.8 million ringgits, a decline of 9.0% from 22.9 million ringgits in the year-earlier period.

The normalized profit margin rose to 17.3% from 16.7% in the year-earlier period.

Total revenue declined 11.9% on an annual basis to 120.7 million ringgits from 137.0 million ringgits, and total operating expenses declined 5.1% from the prior-year period to 93.2 million ringgits from 98.2 million ringgits.

Reported net income decreased 8.5% from the prior-year period to 25.6 million ringgits, or 6 sen per share, from 27.9 million ringgits, or 6 sen per share.

As of May 19, US$1 was equivalent to 3.61 ringgits.