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Shangri-La Hotel PCL swings to profit in Q2

Shangri-La Hotel Public Company Ltd said its second-quarter normalized net income amounted to 48 satang per share, compared with a loss of 16 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 62.9 million baht, compared with a loss of 20.5 million baht in the prior-year period.

The normalized profit margin climbed to 11.8% from negative 5.5% in the year-earlier period.

Total revenue grew 45.9% on an annual basis to 547.2 million baht from 375.0 million baht, and total operating expenses increased 9.3% year over year to 440.0 million baht from 402.6 million baht.

Reported net income totaled 77.3 million baht, or 59 satang per share, compared to a loss of 25.4 million baht, or a loss of 20 satang per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 35.12 baht.