Bangkok--3 Mar--MT Multimedia
SHREIT disclosed today that its revenues for FY2019 reached THB 357 m, an increase from its previous year revenues of THB 351.52m. Its investment profit has however been impacted by an unrealized loss from its properties valuation. Without taking this special item, SHREIT would show a significant increase in profit from 2018 to 2019 mainly thanks to the strength of the US dollar and a strict control of expenses at the hotels level.
This control of expenses and monitoring of cash increasedeven further since the outbreak of COVID-19. As such, SHREIT decided to differthe distribution of a dividend through capital reduction for the last quarterof 2019 until the tourism sector in the region gains visibility.
Mr. Christophe mentioned that “the decision of the Board todiffer the payment of dividend through capital reduction for the last quarterof 2019 is a prudent one considering the current uncertainty. We are closelyworking with the management of the hotels to control expenses and build a cashreserve”.
The COVID-19 situation has indeed impacted all sectors, butespecially hospitality, travel and airlines businesses. The Trust’s assets beinglocated in different areas of Asia (Capri by Fraser and Ibis Saigon in Ho ChiMinh City and Pullman Jakarta Central Park in Jakarta), we may benefit from ourdiversification and the difference of impact of the COVID-19, but we are stillassessing this.
We rely as well on the quick reaction and the experience ofthe international operators managing our properties.