KUALA LUMPUR (Feb 28): Shangri-la Hotels (M) Bhd, whose net profit narrowed in the fourth financial quarter ended Dec 31, 2023 (4QFY2023), appointed Christopher Phong Siew San as its new managing director (MD) to succeed Chan Kong Leong, who tendered his resignation late last year.

Phong, whose appointment will be effective March 1, is currently the head of investment & asset management of Shangri-La Asia Ltd, where his existing responsibilities include overseeing the business operations and financial performances of the Shangri-la Malaysia’s group of hotels.

“This makes him well placed to take on the role of MD of the company and to lead Shangri-la Malaysia’s continued growth,” the group told Bursa Malaysia on Wednesday.

In a separate filing, Shangri-la announced its net loss narrowed by 68% to RM10.18 million in 4QFY2023 from RM31.81 million a year ago as business levels rebound in both in rooms and food & beverage operations across its portfolio.

However, the hotel group recorded a RM17.67 million share of losses from associated companies for 4QFY2023, more than three times higher than the RM5.39 million a year ago.

This is related to the investment properties held by its associates in Myanmar, according to Shangri-la Malaysia.

Quarterly revenue grew 16% to RM138.5 million from RM119.71 million in 4QFY2022.

For the full financial year ended Dec 31, 2023 (FY2023), the group recorded a net profit of RM16.02 million, versus a net loss of RM40.71 million in FY2022, while revenue grew 39% to RM503.76 million from RM363.43 million.

Commenting on FY2024, Shangri-la said notwithstanding the prevailing challenging and uncertain economic climate, overall business conditions for its hotel operations are expected to remain generally positive, underpinned by encouraging demand trends across their major leisure and corporate travel markets.

The group also foresees its hotels and resorts to be able to see further improvements this year benefitting from continuing rebound in travel demand and implementation of the visa-free programme for visitors from China.

However, Shangri-la said performances for its investment properties in Kuala Lumpur will stay sluggish through 2024, due to ongoing weak levels of demand and challenging market conditions.

Shares of Shangri-la fell five sen or 2.2% to RM2.18 on Wednesday, giving it a market capitalisation of RM959.2 million.