Hongkong and Shanghai Hotels Ltd hits 11-year low on weak Q1 outlook

Hongkong and Shanghai Hotels

18/03/2020 07:57

** Shares of Hongkong and Shanghai Hotels Ltd  0045.HK  fall
as much as 5.7% to HK$6.60, their lowest level since May 2009
    ** Stock is on track to post its ninth straight session of
decline
    ** The stock trims losses to trade at HK$6.68; still down
4.6% and heading for its worse day since June 2018
    ** Hotel operator says profit attributable to shareholders
for year ended 2019 fell 59% from a year ago; revenue down 5%
 urn:newsml:reuters.com:*:nFWN2B924Q
    ** Says its unaudited revenue for two months ended February
2020 fell 21% from a year ago period and it estimates an
operating loss in Q1 2020 
    ** Company says the outbreak of COVID-19 started to hit its
operations in Greater China in late January and this has now
spread and affected all its global operations 
    ** Says it also concerned about the political situation in
Hong Kong and the possibility that the social unrest may
continue and escalate again in 2020
    ** As of last close, the stock had fallen 16.2% this year
    ** Hongkong And Shanghai Hotels has outperformed the Hang
Seng Commerce & Industry Index sector  .HSNC  by 7.3 percentage
points in the past one month
    ** The Hong Kong benchmark index  .HSI  falls 4%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)