On March 19, Ge Longhui Hotel (00045.HK) announced its full-year results for 2023. Compared with the difficult period of the same period in 2022, business in 2023 recorded a strong rebound. With the resumption of customs clearance in Greater China in 2023, Peninsula Hotels in Hong Kong, Shanghai and Beijing also recorded significant improvements in operating performance. Operating performance in the US market remains stable, and the average rent at The Peninsula New York is good. The Peninsula Paris continues to maintain high rents and revenue growth. The Peninsula Tokyo and The Peninsula Manila performed well, with average rents reaching record highs. The Peninsula Bangkok also recorded significant revenue growth and is expected to see a stronger recovery in the coming year. Non-hotel properties and other businesses have also improved year by year. Among them, the performance of the Peak Tram is particularly prominent.
Profit attributable to the Group's shareholders was HK$146 million, while a loss of HK$488 million was recorded in 2022. Excluding investment property revaluation adjustments, non-recurring and non-operating expenses, the Group's basic profit was HK$277 million, and a basic loss of HK$205 million was recorded in 2022. Overall, the Group's total revenue and operating profit before interest, tax, depreciation and amortization (including the Group's effective share of revenue and operating profit before interest, tax, depreciation and amortization of associated companies and joint ventures) increased by 89% and 146% to HK$8.703 billion and HK$1,469 billion, respectively. Excluding the performance of the newly opened Istanbul Peninsula Hotel, London Peninsula Hotel and London Peninsula Residential Apartments, the Group's total revenue and operating profit before interest, tax, depreciation and amortization increased by 34% and 128% to HK$6.181 billion and HK$1,360 billion, respectively. The Board of Directors recommended a final dividend of HK8 cents per share for the year ended 31 December 2023.