March 25, 2020 / 5:28 AM / 7 days ago

BRIEF-Millennium & Copthorne Hotels New Zealand Says Almost Sure Of Loss In Hotel Ops For H1, H2

March 25 (Reuters) - Millennium & Copthorne Hotels New Zealand Ltd:

* UNANIMOUSLY AGREED TO REDUCE THEIR DIRECTORS’ FEES WITH IMMEDIATE EFFECT BY 20% FOR REMAINDER OF YEAR

* ALMOST CERTAIN THAT MCK’S HOTEL OPERATIONS FOR H1 AND H2 2020 WILL TRADE AT A LOSS

* IF CO’S HOTELS PROVIDE SERVICES TO PEOPLE WHO NEED TO BE ISOLATED/QUARANTINED, THEY WILL REMAIN OPEN

* WILL ONLY TAKE ESSENTIAL SERVICES BOOKINGS IF REQUIRED

* LEVEL OF HOTEL REVENUE LOSS FOR H1 2020 WOULD BE ABOUT NZ$24 MILLION

* WITH CLOSURE OF SOME OF ITS HOTELS FROM MARCH 26, HOTEL REVENUE LOSS FOR H1 2020 WILL CERTAINLY INCREASE Source text for Eikon: Further company coverage:

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