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GL Limited in the red for Q1, as pandemic ravages UK hospitality segment

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GL Limited, a UK hotel sector player, recorded an unaudited net loss after tax of US$22.5 million for its first quarter ended Sept 30, reversing from a net profit after tax of US$12 million for the year-ago quarter, on the back of the Covid-19 outbreak. Read more at The Business Times.

GL Limited, a UK hotel sector player, recorded an unaudited net loss after tax of US$22.5 million for its first quarter ended Sept 30, reversing from a net profit after tax of US$12 million for the year-ago quarter, on the back of the Covid-19 outbreak.

In a business update, the group said its revenue fell by 91 per cent to US$9 million. With Covid-19 continuing to dampen demand for hotel rooms and business activity in London, the company's financial performance has taken a hit. After the lockdown in the UK was lifted on July 4, seven of the group's hotels re-opened in phases. However, occupancy and room rates have remained largely subdued compared to the previous year, as a result of social-distancing measures and international travel restrictions, said the group.In the near term, the group expects its UK hotels to continue facing a difficult operating environment.

 

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