PROPERTY developer Hiap Hoe on Thursday said that it expects its financial performance for the first half of 2020 to be “adversely impacted” by the outbreak of the virus, compared to the corresponding period a year ago.
It will cease all leisure-business operations until April 30, in line regulations imposed by the Singapore government on the provision of public entertainment, it said in a statement on Thursday. The company's website says that its leisure-business properties under its fully-owned subsidiary Hiap Hoe Strategic include SuperBowl Holdings, which manages some 10 integrated sports and recreational facilities such as bowling centres and amusement centres, and holds several investments in commercial properties.
Occupancy rates across its hotels have dropped, and the company also reported weaker operating performances across its portfolio. The mainboard-listed company did not specify the extent to which its occupancy rates and operating performance have fallen. “The company will implement cost-containment measures, including the temporary closure of rooms and amenities in its hotels and shortening employee work hours.
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