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Covid-19 hits hard Asian Hotels North operations during lockdown

The company is confident about adapting to the changing business environment and respond suitably to fulfil the needs of its customers.

June 23, 2020 3:05 IST | India Infoline News Service
Asian Hotels North Limited informed the exchanges Tuesday that it believes there will be an impact in sales volumes, revenue, and profitability for Q1 and Q2FY21 as its operations are presently shut significantly and will gradually ramp up only after the resolution of the Covid-19 pandemic.

However, the company is confident about adapting to the changing business environment and respond suitably to fulfil the needs of its customers.

“Considering the faith in the Hyatt Brand, the company does not foresee any challenge in regaining its market position soon, post the revival of the economy. However, revenues are expected to be softer in the initial phase of the unlock down, and for some time after the lifting of the complete lockdown mainly due to lower occupancies and limited F & B off take arising out of reduced business and leisure travel,” company said.

Since Covid-19 virus had already spread in the situation on the business Europe and Asia, its impact was felt severally by the Travel and Hospitality Industry by mid-January 2020. Until then, its services and business volume benefitted from healthy growth. This growth has been supported by significant focus on premium services, increase in value added solutions and cost reduction measures.

The lock-downs across the country from March 22, 2020, which continued till May 31, 2020 and restrictions imposed on various activities due to Covid-19 pandemic have posed challenges to the business of Asian Hotels North Limited lockdown.

Asian Hotels (North) Ltd is currently trading at Rs55 down by Rs0 or 0% from its previous closing of Rs55 on the BSE.

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