Shangri-La Asia 2009 Net Profit Rises 54% | wsj.com

Luxury hotel operator Shangri-La Asia Ltd. (0069.HK) said Wednesday its 2009 net profit rose 54%, lifted by higher property prices, though its core hotels business suffered from a sharp drop in demand due to the global financial crisis. The economic crisis hit the hospitality sector as businesses restricted employee travel and tourist numbers declined. The industry has lagged other sectors in its recovery outlook, even as demand has been making a comeback since the end of 2008.