Peninsula Hotels operator slips back to net loss, hit by 'weak' Hong Kong

HONG KONG -- The operator of the upscale Peninsula Hotels chain said Wednesday that the company is once again losing money after a brief rebound from COVID-19, hit by sluggish markets at home and abroad.

Hongkong and Shanghai Hotels reported a net loss of 448 million Hong Kong dollars ($57.4 million) for the first six months of the year, slipping from a net profit of HK$94 million for the same period last year. Combined revenue rose 82% to HK$4.93 billion, as two new hotels in London and Istanbul opened, including sales of residences at the British capital location.