Brief: Millennium & Copthorne Hotels New Zealand Sees H1 Hotel Revenue Loss About NZ$24 MLN

Millennium & Copthorne Hotels New Zealand

17/03/2020 20:33

March 18 (Reuters) - Millennium & Copthorne Hotels New
Zealand Ltd  MCK.NZ :
    * MCK WAS NOW FORECASTING THAT LEVEL OF HOTEL REVENUE LOSS
FOR
FIRST HALF OF 2020 WOULD BE ABOUT NZ$24 MILLION
    * RECEIVED CONFIRMATION FROM INSURERS ON TUESDAY THAT THESE
LOSSES
ARE NOT COVERED
    * IF CURRENT TRADING PATTERNS CONTINUE IN H2, SEES 2020 FY
RESULT
FOR HOTEL OPERATIONS WOULD RUN AT LOSS
    * MCK HAS SUSPENDED ANY PROFIT GUIDANCE FOR 2020
INDEFINITELY WITH
IMMEDIATE EFFECT
    * CONFIRMED DIVIDEND ANNOUNCED ON 10 FEB (7.5 CENTS PER
SHARE)
WOULD BE PAID IN MAY AS ANNOUNCED
    * CO'S HOTEL RESTAURANTS AND BARS WILL EITHER CLOSE OR
OPERATE
UNDER REDUCED HOURS IN NEAR FUTURE
    * "THERE WILL BE REDUCED HOURS, THERE WILL BE JOB LOSSES"

Source text for Eikon:  ID:nNZW6Lprm8 
Further company coverage:  MCK.NZ 

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