The Hongkong and Shanghai Hotels, Limited (HSH) announced its unaudited interim results. Commenting on the Group’s interim results, Managing Director and Chief Executive Officer Mr. Clement K.M. Kwok said, “Our operating results for the first half of 2011 were impacted by the massive earthquake and tsunami which struck Japan on 11 March. This had a significant adverse impact on the business results of The Peninsula Tokyo which, prior to the earthquake, had been trading at levels above the previous year. Generally, the Hotels Division had a positive first quarter but has seen momentum slowing in several markets during the second quarter.”“All our operations continue to take appropriate measures to contain costs in order to mitigate the impact on the Group’s results from the Japan earthquake and in recognition of the uncertain global economic environment,” said Mr. Kwok.Outlook“We are hoping that the traditional autumn high season for hotels such as Hong Kong, Beijing, Shanghai and New York will yield satisfactory results. Completion of the renovation of the shopping arcade at The Peninsula Beijing will boost earnings. The recent pick-up in the Tokyo market since the earthquake has created a mild level of optimism that the recovery may come faster than originally expected. Nevertheless, the results of The Peninsula Tokyo will undoubtedly be well below both last year and our original expectations.
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