March 17, 2020 / 6:06 AM / 19 days ago

BRIEF-Copenhagen Airports Launches Cost-Cutting Programme And Postpones Investments

March 17 (Reuters) - Copenhagen Airports A/S:

* REG-COPENHAGEN AIRPORTS LAUNCHES COST-CUTTING PROGRAMME AND POSTPONES INVESTMENTS

* EXPECTS TO TEMPORARILY SEND HOME UPWARDS OF 1,500 EMPLOYEES OVER COMING WEEKS.

* THIS WILL BE A GRADUAL PROCESS IN STEP WITH CUTBACK IN OPERATIONS.

* CPH EXPECTS TO TEMPORARILY SEND HOME UPWARDS OF 1,500 EMPLOYEES OVER COMING WEEKS

* IDENTIFIED POTENTIAL SAVINGS IN REMAINDER OF YEAR OF DKK 250-350 MILLION IN CURRENT OPERATING COSTS,

* IT IS NOT POSSIBLE TO FORECAST REVENUE, PROFIT BEFORE TAX OR TOTAL INVESTMENTS

* CAPEX SAVINGS IN AIRPORT’S INVESTMENT PROGRAMME OF DKK 400-700 MILLION FOR REMAINDER OF YEAR

* IT IS STILL NOT POSSIBLE TO PROVIDE A REALISTIC ASSESSMENT OF FINANCIAL IMPACT OF CORONAVIRUS. AS A RESULT, IT IS ALSO NOT POSSIBLE TO FORECAST REVENUE, PROFIT BEFORE TAX OR TOTAL INVESTMENTS

* WILL CONTINUE TO ASSESS AND ADJUST OPERATING COSTS AND LEVEL OF INVESTMENTS ON AN ONGOING BASIS

* PASSENGER TRAFFIC HAS ALREADY BEEN REDUCED BY UP TO 70 PER CENT, AND IT IS EXPECTED TO DROP FURTHER OVER NEXT FEW DAYS

* THAT TWO OF THREE RUNWAYS AT AIRPORT HAVE TEMPORARILY BEEN DECOMMISSIONED AND WILL BE USED TO PARK AIRCRAFT

* EXPECTED A HIGH DOUBLE-DIGIT NUMBER OF AIRCRAFT TO BE PARKED AT COPENHAGEN AIRPORT BEFORE LONG

* IDENTIFIED COST CUTS AND POSTPONED INVESTMENTS WILL NOT IMPACT AIRPORT’S ABILITY TO STAY FOCUSED ON OPERATING A SAFE AND EFFICIENT AIRPORT Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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