March 23, 2020 / 6:43 AM / 6 days ago

BRIEF-Minor International Says Implementing Drastic Cost-Cutting Initiatives

March 23 (Reuters) - Minor International PCL:

* MINIMIZING COVID-19 IMPACT ON REVENUE, PROFITABILITY BY REDUCING NEGATIVE FLOW-THROUGH VIA DRASTIC COST-CUTTING INITIATIVES

* MINOR FOOD CLOSED FULL DINE-IN RESTAURANTS IN BANGKOK & SURROUNDING AREAS, WHILE DELIVERY AND TAKEAWAY UNITS REMAIN OPERATIONAL

* EXECS IN CORPORATE OFFICE WORLD-WIDE TAKING TEMPORARY DEFERRAL OF PROPORTION OF MONTHLY SALARIES FOR AT LEAST 3 MNTHS

* ALL EMPLOYEES’ ANNUAL MERIT INCREASES POSTPONED FOR AT LEAST 3 MNTHS

* ALL SIGNIFICANT CAPEX INVESTMENTS HAVE BEEN SUSPENDED AND WILL ONLY PROCEED WHEN AN OBLIGATION OCCURS

* IS IMPLEMENTING LEAVE WITHOUT PAY SCHEMES

* ANANTARA KALUTARA AND AVANI KALUTARA HOTELS IN SRI LANKA TEMPORARILY CONSOLIDATED INTO ONE SINGLE OPERATION FOR COST REDUCTION Source text for Eikon: Further company coverage:

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