Wanda Hotel braces for a big hit

Business | Stella Zhai 29 May 2020

Wanda Hotel Development (0169), under mainland conglomerate Dalian Wanda Group, warned that it may record a significant net loss for the first half this year as travel restrictions to combat the coronavirus pandemic put a halt to mainland tourism.

The hotel operator recorded a net profit of HK$39.69 million for the first half of 2019.

This year's net loss was mainly due to a significant decrease in the company's revenue from hotel operations and management services businesses, which was dragged down by travel advisories or restrictions in the mainland resulting from the coronavirus pandemic since the first quarter of this year, said the company.

The occupancy of hotels managed by the company has fallen substantially during the first half this year, it said. The actual operating and financial conditions of the company are yet to be quantified and the board considers it premature to come up with specific estimates as the situation continues to evolve, the company added.

Shares of the hotel operator steadied at HK$0.26. yesterday.

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