Shangri-La Hotels Sees Boost From VMY Campaign
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Shangri-La Hotels Sees Boost From VMY Campaign
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Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2007-05-22
Shangri-La Hotels (Malaysia) Bhd expects to enjoy another positive results by the end of financial year ending Dec 31, 2007 riding on the Visit Malaysia Year (VMY) campaign, said its managing director Kuok Oon Kwong.
She said the VMY, which would provide a major boost to the number of leisure visit activities in Malaysia throughout this year, would help spur the hotel occupancy rate.
"Currently, our hotel's occupancy rate hovers between 70 and 80 percent.
"Our hotels and resorts should continue to do well going forward, and this year it will be another positive year as we expect to benefit from the VMY campaign," she said after the company's annual general meeting here today.
Shangri-La Hotels has three hotels in Penang, one in Kuala Lumpur and one in Kota Kinabalu, Sabah.
For the year ended 31 Dec, 2006, pre-tax profit rose to RM45.208 million from RM44.673 million in 2005.
Revenue rose to RM330.520 million from RM280.089 million previously.
For the year under reviewed, Kuok said Shangri-La Hotel Kuala Lumpur, the highest revenue contributor, recorded an occupancy rate of 70 percent, while its Rasa Ria Resort in Sabah posted an occupancy rate of 81 percent.
She said the Rasa Ria in Sabah currently was under expansion.
"We plan to build another 90 rooms of premier quality, and we expect the RM45 million investment will be completed by year-end," she said.
Kuok said the group would embark on a major upgrade and modernisation of the rooms at Shangri-La Hotel Kuala Lumpur.
Without disclosing any investment fugures, she said work and development of the conceptual interior designs for the rooms would commence by end of the fourth quarter this year.
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