KUALA LUMPUR (Nov 10): Shangri-la Hotels (Malaysia) Bhd saw a marginal increase of 0.35% in net profit for the third financial quarter ended Sep 30, 2017 (3QFY17) to RM29.99 million from RM29.88 million in 3QFY16.

Revenue for 3QFY17 came in 10.6% higher at RM157.3 million from RM142.27 million a year ago, a filing with Bursa Malaysia today showed.

For the first nine months ended Sept 30, 2017 (9MFY17), Shangri-la’s net profit declined by 3.5% to RM62.68 million from RM64.92 million in 9MFY16, as a result of reduced performances from Shangri-la Hotel Kuala Lumpur and Hotel Jen Penang due to major renovations, and the lower share of profits from associates in Myanmar.

Revenue for 9MFY17 however grew by 5.5% to RM410.42 million from RM389.1 million a year ago, with the increase mostly came from the group’s resorts in Sabah and Penang.

The group’s Rasa Ria Resort in Kota Kinabalu saw its occupancy grow to 77% in 9MFY17 from 72% in the previous year, underpinned by a healthy upsurge in visitor arrivals from its key markets, while its Rasa Sayang Resort in Penang saw its occupancy edge up to 77% in 9MFY17 from 76% in the prior year.

Earnings per share (EPS) were at 6.82 sen in 3QFY17 from 6.79 sen per share in 3QFY16. This brings its EPS to 14.24 sen 9MFY17, from 14.76 sen in the previous corresponding period.

On its prospects, the group said that its hotel businesses look encouraging in 2017 with momentum holding up in both corporate and leisure travel.

“In particular Shangri-la Hotel KL is expected to achieve improved operating results for 2017 as it continues to reap the benefits of its newly renovated banqueting facilities and all-day dining restaurant. In addition, Hotel Jen Penang should continue to grow well after the completion of its major renovation programme in June 2017,” the group said.

Shangri-La shares closed unchanged at RM5.10 today, for a market capitalisation of RM2.24 billion.