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BRIEF-City Developments Expects Sales Volume To Decline During Circuit Breaker Period

Reuters SG
·1-min read

May 12 (Reuters) - City Developments Ltd:

* SOLD 185 UNITS WITH TOTAL SALES VALUE OF $278.1 MILLION IN Q1 2020

* DURING CIRCUIT BREAKER PERIOD, EXPECTS SALES VOLUME TO DECLINE

* IN APRIL SAW INCREASE OF OVER 30% IN ONLINE TRAFFIC VIEWS FOR LAUNCHED PROJECTS

* MAJORITY OF GROUP'S RETAIL TENANTS WILL RECEIVE MORE THAN 2.8 MONTHS OF GROSS RENTAL REBATES IN TOTAL

* FOR Q1, GLOBAL OCCUPANCY DROPPED TO 52.1% VERSUS 70.0%

* HEADWINDS AFFECTING OVERALL DEMAND & DISRUPTING SUPPLY CHAINS EXPECTED TO PERSIST IN NEAR-TERM

* DISRUPTED SUPPLY CHAINS WILL LIKELY WEIGH ON GROUP'S OPERATIONS AND FINANCIAL PERFORMANCE

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* HOSPITALITY BUSINESS SUFFERED MOST SEVERELY FROM COVID-19; NEAR-TERM OUTLOOK HIGHLY CHALLENGING & UNCERTAIN

* BOARD TOOK A VOLUNTARY 25% REDUCTION OF DIRECTORS' FEES SINCE 1 APRIL

* TOP MANAGEMENT TOOK 20% PAY CUTS, OTHER SENIOR PERSONNEL TOOK 15% PAY CUTS SINCE APRIL 1 Source text for Eikon: Further company coverage: