Brief: Millennium & Copthorne Hotels New Zealand Says Almost Sure Of Loss In Hotel Ops For H1, H2

Millennium & Copthorne Hotels New Zealand

25/03/2020 05:28

March 25 (Reuters) - Millennium & Copthorne Hotels New
Zealand Ltd  MCK.NZ :
    * UNANIMOUSLY AGREED TO REDUCE THEIR DIRECTORS' FEES WITH
IMMEDIATE EFFECT BY 20% FOR REMAINDER OF YEAR
    * ALMOST CERTAIN THAT MCK'S HOTEL OPERATIONS FOR H1 AND H2
2020
WILL TRADE AT A LOSS
    * IF CO'S HOTELS PROVIDE SERVICES TO PEOPLE WHO NEED TO BE
ISOLATED/QUARANTINED, THEY WILL REMAIN OPEN
    * ASSESSING WHICH PROPERTIES WILL BE REQUIRED TO STAY OPEN
    * WILL ONLY TAKE ESSENTIAL SERVICES BOOKINGS IF REQUIRED
    * LEVEL OF HOTEL REVENUE LOSS FOR H1 2020 WOULD BE ABOUT
NZ$24
MILLION
    * WITH CLOSURE OF SOME OF ITS HOTELS FROM MARCH 26, HOTEL
REVENUE
LOSS FOR H1 2020 WILL CERTAINLY INCREASE

Source text for Eikon:  ID:nNZW7vS66M 
Further company coverage:  MCK.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))