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.