Miramar Hotel and Investment Company, Limited Provides Earnings Guidance for the Year Ended December 31, 2020
March 05, 2021 at 05:44 am EST
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The board of directors of Miramar Hotel and Investment Company, Limited announced that, based on its preliminary assessment of the group's unaudited consolidated management accounts for the year ended December 31, 2020, the group expects to record a decrease in the group's revenue for the year ended December 31, 2020 of approximately 50% or above, as compared with the year 2019 (2019: HKD 3,062 million); and a decrease in the group's profit attributable to shareholders of the company for the year ended December 31, 2020 of approximately 70% or above, as compared with the year 2019 (2019: HKD 1,288 million); The decrease is mainly due to the global pandemic of the new coronavirus, which has exacerbated the brittle economic environment and dampened consumer sentiment. In addition, the group's travel, hotel and food & beverage businesses' revenue nose-dived due to the epidemic preventive measures adopted by various countries and Hong Kong, such as travel entry/exit restrictions, quarantine policies, social distancing, and limits set for dining business hours and seating capacity. The performance of the group's property rental business was also inferior to that of the same period last year due to declining rentals and rental concessions for tenants. Consequentially, a drop in valuation of the relevant investment properties is expected.
Miramar Hotel and Investment Co Ltd is an investment holding company principally engaged in the office leasing business. The Company operates its business through four segments. The Property Rental segment mainly operates office leasing and premise retail business. The Hotels and Serviced Apartments segment mainly operates hotels and serviced apartments and provides hotel management services. The Food and Beverage business segment mainly operates restaurants. The Travel Business segment mainly operates travel agency business.