May 12, 2020 / 1:19 AM / 20 days ago

BRIEF-City Developments Expects Sales Volume To Decline During Circuit Breaker Period

May 12 (Reuters) - City Developments Ltd:

* SOLD 185 UNITS WITH TOTAL SALES VALUE OF $278.1 MILLION IN Q1 2020

* DURING CIRCUIT BREAKER PERIOD, EXPECTS SALES VOLUME TO DECLINE

* IN APRIL SAW INCREASE OF OVER 30% IN ONLINE TRAFFIC VIEWS FOR LAUNCHED PROJECTS

* MAJORITY OF GROUP’S RETAIL TENANTS WILL RECEIVE MORE THAN 2.8 MONTHS OF GROSS RENTAL REBATES IN TOTAL

* FOR Q1, GLOBAL OCCUPANCY DROPPED TO 52.1% VERSUS 70.0%

* HEADWINDS AFFECTING OVERALL DEMAND & DISRUPTING SUPPLY CHAINS EXPECTED TO PERSIST IN NEAR-TERM

* DISRUPTED SUPPLY CHAINS WILL LIKELY WEIGH ON GROUP’S OPERATIONS AND FINANCIAL PERFORMANCE

* HOSPITALITY BUSINESS SUFFERED MOST SEVERELY FROM COVID-19; NEAR-TERM OUTLOOK HIGHLY CHALLENGING & UNCERTAIN

* BOARD TOOK A VOLUNTARY 25% REDUCTION OF DIRECTORS’ FEES SINCE 1 APRIL

* TOP MANAGEMENT TOOK 20% PAY CUTS, OTHER SENIOR PERSONNEL TOOK 15% PAY CUTS SINCE APRIL 1 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below