Moelis Australia flags hit to business due to coronavirus, shares drop

MA Financial

03/04/2020 03:24

** Shares of investment bank Moelis Australia Ltd  MOE.AX 
fall as much as 7% to A$1.740
    ** Co says its retail shopping centres are facing very
difficult trading conditions due to the impact of the
coronavirus pandemic on consumer behaviour and as govt
restrictions are imposed  urn:newsml:reuters.com:*:nFWN2BQ1HS
    ** Says its board member and joint CEOs are taking a
temporary 25% reduction in their compensation from April,
majority of staff to also take same or smaller reductions in
salary
    ** Adds that Redcape Hotel Group, managed by its asset
management division, has been significantly impacted by the govt
mandated temporary closure of Australian hotels 
    ** Stock on course to record a weekly gain of 10.2%
    ** As of last close, stock down about 63% this year 

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))