The Hongkong and Shanghai Hotels, Limited provided group earnings guidance for the six months ending 30 June 2019. For the six months the Board anticipates that the Group's unaudited profit attributable to shareholders and its underlying profit (excluding the post-tax effects of unrealised property valuation movements and other non-operating items) for the six months ending 30 June 2019 will be substantially lower than the figures for the six months ended 30 June 2018. The lower than expected unaudited profit attributable to shareholders is principally due to: The decrease in revenue recorded by two hotels in Hong Kong and the United States resulting from the softer market conditions and new room supply; The temporary service suspension of The Peak Tram from April to July 2019 for the major upgrade project that will in future result in a significant increase in the tram passenger capacity; and The reduction in unrealized revaluation gains on the investment properties in Hong Kong.