May 5, 2020 / 5:51 AM / a month ago

Catering group Elior warns of profit hit, plan to cancel dividend

PARIS (Reuters) - French catering company Elior (ELIOR.PA) warned on Tuesday of an expected slump in first-half profits because of the coronavirus, adding that it would propose scrapping its dividend payment.

Elior estimated the impact of the crisis at 157 million euros ($171.2 million) on revenues and 70 million on its adjusted EBITA (earnings before interest, tax and amortisation).

The firm expected first-half revenues to fall 6.2% to 2.46 billion euros ($2.7 billion) and for adjusted core EBITA to slump to 51 million euros from 122 million euros a year ago.

The company added that its chairman and chief executive had agreed to pay cuts to help finance a solidarity fund for crisis-affected staff.

Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez

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