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

Reuters

Updated 27 March 2020 at 6:16 am·1-min read

March 27 (Reuters) - Shangri-La Asia Ltd:

* 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: Further company coverage:

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