Hongkong & Shanghai Hotels profit up 64%

Hongkong & Shanghai Hotels Ltd<45> on Wednesday reported a 64% rise in 2007 net profit thanks to higher returns from property investment.

In its annual report filed to the Hong Kong Stock Exchange, the company said its net profit stood at HK$3.44 billion for the 12 months ended Dec. 31, compared with HK$2.09 billion of the previous year.

Revenue increased to HK$4.54 billion from HK$3.72 billion a year earlier.

Board of the company proposed to pay a final dividend of HK$0.12 per share, up from HK$0.11 of the same period in 2006.

The Hong Kong-based company controlled by Kadoorie family runs the luxury Peninsula Hotel in Asia and the U.S.