March 17, 2020 / 8:34 PM / 19 days ago

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

March 18 (Reuters) - Millennium & Copthorne Hotels New Zealand Ltd:

* 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: Further company coverage:

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