Malaysian property investments did quite well across the board in 2007, and even in the midst of the global credit crunch other troubles in America that occurred in the same year, figures detailing the exact successes of each company still continue to be released today.
Shangri-La Hotels more than doubled the firms annual pre-tax profit earned during 2007 due to relatively strong operating performances from hotels in Kuala Lumpur and the Rasa Sayang Resort. The firm posted a pre-tax profit of nearly RM 98.406 million for 2007. This is an increase of approximately 117.6% from pre-tax profit earned in 2006.
“The overall results for 2007 benefitted from a strong improvement in the operating performance of Shangri-La Hotel Kuala Lumpur, and from a full year’s contribution from Rasa Sayang Resort as compared with only three months in 2006,” a representative from the hotel group stated. The same representative further added, “Shangri-La Hotel Kuala Lumpur enjoyed a year of excellent growth, driven largely by a 13% increase in the average room rate, coupled with significantly higher business volumes in food and beverage operations.”
Another firm which recently announced their own considerable success in Malaysia during the year 2007 was property developer Mah Sing Group Bhd. Late last week, the firm announced that their 2007 net profit grew by nearly 24%. “The improvement in new profit was attributed to the contribution from more projects, especially when the company has grown from five launched projects in the fourth quarter of 2006 to nine launched projects in the fourth quarter of 2007,” the firm released in a recent statement.
They further added, “Moving forward, the group will leverage on its keen business development ability and strong financials to acquire more prime land… in high-growth areas.” With their successes during 2007 forecasted to continue thru 2008, both firms have plans to continue investing into the Malaysian property market, while also investigating other areas for expansion such as Vietnam, India and the Middle East.
