Luxury hotelier Shangri-La Asia plans to add nine new hotels, including one in Hung Hom, it said yesterday after posting a 42 per cent year-on-year increase in net profits.
Net profits for the year to December 2012, including a US$185 million revaluation gain on investment properties, rose to US$358.9 million.
Total sales revenues were up 8 per cent to US$2.05 billion, and the board declared a final dividend of 10 HK cents.
For the Hung Hom project, Shangri-La said it planned to build a development, including a Shangri-La hotel and retail facilities on the waterfront site.
"Approvals for the development plans have been sought from the relevant government authorities," the company said in its results announcement.
In 2011, Shangri-La Hotel (Kowloon), a wholly owned subsidiary of Shangri-La Asia, won a waterfront site in Hung Hom for HK$2.33 billon.