June 5, 2020 / 11:31 AM / 2 months ago

BRIEF-New Mauritius Hotels Says Expected To Be Under Serious Cash Flow Pressure Well Into Year 2021

June 5 (Reuters) - New Mauritius Hotels Ltd:

* NEW MAURITIUS HOTELS- MONTHS AHEAD ARE EXPECTED TO CONTINUE TO BE HUGELY CHALLENGING FOR TOURISM SECTOR AND GROUP

* NEW MAURITIUS HOTELS - GROUP WILL BE GENERATING CONSIDERABLE LOSSES DURING LAST QUARTER OF PRESENT 9-MONTH FINANCIAL PERIOD ENDING 30 JUNE

* NEW MAURITIUS HOTELS - EXPECTED TO POST LOSSES OF SOME RS 600M FOR 9-MONTH PERIOD BEFORE ANY EXCEPTIONAL PROVISIONS THAT MIGHT BE DEEMED NECESSARY

* NEW MAURITIUS HOTELS - GROUP IS EXPECTED TO BE UNDER SERIOUS CASH FLOW PRESSURE WELL INTO THE YEAR 2021

* NEW MAURITIUS HOTELS LTD - ALSO DECIDED NOT TO DECLARE ANY PREFERENCE SHARE DIVIDEND

* NEW MAURITIUS HOTELS- IN TALKS WITH BANKS TO FINALISE ADDITIONAL FUNDING FOR ITS OPERATIONS

* NEW MAURITIUS HOTELS - TOP MANAGEMENT TEAM & STAFF VOLUNTEERED REDUCTION IN THEIR SALARY OF UP TO 50% SINCE MONTH OF APRIL

* NEW MAURITIUS HOTELS LTD - QTRLY PROFIT BEFORE TAX 19.5 MILLION RUPEES VERSUS 164.1 MILLION RUPEES

* NEW MAURITIUS HOTELS - QTRLY REVENUE FROM CONTINUING OPERATIONS 2.33 BILLION RUPEES VERSUS 2.53 BILLION RUPEES Source text : bit.ly/2MtVIQ8 Further company coverage:

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