Shangri-La Asia warns of sharply lower profit in first half year

The board of Shangri-La Asia anticipates that the group will post a significant fall in profit for the six months ended June 30.

This is largely attributable to the decline in the operating profits of the group's hotels in China, and increase in pre-opening expenses for hotels opened and opening this year and in net interest costs following increased drawdown on borrowing facilities.

The interim results are still being finalised. They are expected to be confirmed and released on Aug 22.