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2003-5-23 11:27:00 a.m. HKT, XFNA
SARS - HK's Associated International Hotels issues profit warning
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HONG KONG (AFX-ASIA) - Associated International Hotels Ltd (105.HK) has
issued a profit warning following the decline in its hotel occupancy rate due
to the SARS outbreak.
The profit warning also applies to the company's 50.01 pct owned Tian
Teck Land Ltd (266.HK).
The company said the average occupancy rate at its Hyatt Regency Hotel in
Tsim Sha Tsui fell to single-digit levels from April 1 to May 20 after the
outbreak of SARS, compared with over 90 pct a year earlier.
""There has been a negative impact on the hotel's food and beverage
business and rentals of shops,"" it said in a statement.
""The directors do not currently have a view as to how long the current
weakness in hotel demand will continue and, therefore, it is not possible ...
to quantify the potential impact on the company's results,"" it added.
The statement said Associated International and Tian Teck have strong
balance sheets and low gearing and the directors are confident they have
adequate funds to meet future requirements.
At 11.08 am, both Associated International and Tian Teck were untraded at
3.525 hkd and 1.60, respectively.
peter.chan@afxasia.com
ptc/ds/skb
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