Hongkong and Shanghai Hotels (0045) recorded a net loss of HK$1.2 billion for the first half this year, compared with a HK$254 million net profit a year ago, as the coronavirus pandemic placed unprecedented pressure on its operating performance and cash flow position. The net loss included a net property revaluation deficit of HK$365 million, compared with a HK$102 million gain last year, as well as impairment provisions of HK$329 million. The company did not declare an interim dividend. Revenue was HK$1.33 billion, down by 52.2 percent year-on-year. The group said financial resources are sufficient to meet funding requirements for at least the next 18 months even in the event there is no substantial recovery in business from the current levels.

Source: The Standard August 05, 2020 08:37 UTC