Shangri-La at Fort reported revenues of P928 million as of September 2020, down by 71 percent from P2.64 billion during the same period last year.
The hotel business bore the brunt of the pandemic with the biggest revenue drop in Shang’s portfolio compared to The Rise in Makati and Shang Residences Wack-Wack (down 30 percent to P2.4 billion) and mall and cinema revenues ( down 31 percent to P1.621 billion).
Overall, Shang’s turnover fell 39 percent to P5.3 billion while profits shrank 44 percent to P1.1178 billion in the first three quarters this year.
“The ongoing quarantine measures not only require people to stay at home but have caused domestic and international travel bans and closure of practically all business establishments. Consequently, the Group suspended its mall operations while occupancy rates for its hotel businesses significantly went down due to cancellations and limited guest check-ins. Likewise, the selling of condominium units has slowed down and therefore, will affect the performance of the Group’s real estate segment,” said Shang Properties.
“While the Group has already seen some adverse effects of the community quarantine on the financial results, the full impact of the global pandemic however, is yet to be established,” it added.