Brief: Shangri-La Asia Posts FY Profit Attributable From Operating Items $113.8 Mln

Shangri-La Asia

27/03/2020 10:16

March 27 (Reuters) - Shangri-La Asia Ltd  0069.HK :
    * SHANGRI-LA ASIA LTD- FY PROFIT ATTRIBUTABLE FROM OPERATING
ITEMS
US$113.8 MILLION VERSUS US$197.3 MILLION 
    * SHANGRI-LA ASIA LTD -  2019 CONSOL REVENUE US$2,431.2
MILLION
VERSUS US$2,517.9 MILLION
    * SHANGRI-LA ASIA LTD - GROUP EXPECTS TO RECORD A
SIGNIFICANT
DECLINE IN ITS 2020 INTERIM AND ANNUAL OPERATING PROFITS
    * SHANGRI-LA ASIA LTD - IN 2020, HOTELS IMPAIRMENT REVIEW
AND
INVESTMENT PROPERTIES REVALUATION EXERCISE MAY ALSO AFFECT
GROUP'S FINANCIAL RESULTS
    * SHANGRI-LA ASIA LTD- AT HEADQUARTERS, STARTING APRIL WE
WILL
REDUCE STAFF COSTS BY IMPLEMENTING WAGE REDUCTION OF OUR SENIOR
STAFF BY UP TO 30%
    * SHANGRI-LA ASIA LTD - "NOT ABLE TO FORESEE WHEN BUSINESS
WILL
RETURN TO NORMALCY AT THIS STAGE"
    * SHANGRI-LA ASIA-FOR REMAINDER YEAR, PLAN TO OPEN NEW HOTEL
IN
PUTIAN, INVESTMENT PROPERTY IN WUHAN, 2 HOTELS UNDER MANAGEMENT
DEALS IN JEDDAH & BALI
    * SHANGRI-LA ASIA LTD -  PLANS TO OPEN NEW HOTELS DURING
REMAINDER
OF YEAR SUBJECT TO DEVELOPMENT OF COVID-19 OUTBREAK
    * SHANGRI-LA ASIA LTD - FY TOTAL PROFIT ATTRIBUTABLE
US$152.5
MILLION VERSUS US$192.9 MILLION

Source text for Eikon:  ID:nHKS2D773h 
Further company coverage:  0069.HK 

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