Plus   Neg

PPHE Hotel Revenue Down In Q1

PPHE Hotel Group, the international hospitality real estate group, Wednesday reported 17.7 percent decline in total revenue for the first quarter, with 18.8 percent downslide on like-for-like basis. Overall trading performance in the first quarter was significantly impacted due to the pandemic outbreak, the Group said.

While in January and February the trading was in line with its expectations with 7.8 percent growth in total revenue, in early march the travel and hotel industry begin to see reduced demand due to the Covid-19 outbreak. With temporary closures of hotels, the Group said its total revenue in March reduced by 60.2 percent, with RevPAR down 64.5 percent. Occupancy was 29.6 percent.

Looking ahead, the Group said it is well positioned to withstand a continued and significant decrease in business activity across its markets during 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tyson Foods, Inc. (TSN) reported third quarter adjusted net income per share attributable to company of $1.40 compared to $1.47, a year ago. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.94, for the quarter. Analysts' estimates typically exclude... Tailored Brands Inc., which owns menswear brands Men's Wearhouse and Jos. A. Bank, has filed for bankruptcy protection, severely hit by sluggish demand amid the coronavirus woes. The company filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to implement financial restructuring plan. Shares of HSBC Holdings Plc (HSBC, HSBA.L) were down in London and Hong Kong trading after the Asia-focused British lender reported Monday sharply lower profit in its second quarter, hurt by higher expected credit losses, weak revenues as well as the absence of prior year gain. For fiscal 2020, the company projects expected credit losses or ECL charge in the range of $8 billion to $13 billion.
Follow RTT