With UK in lock down again. Not looking good.
GL Limited in the red for Q1, as pandemic ravages UK hospitality segment
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.
The group' s remaining hotels will reopen progressively, depending on demand and outlook.
In the near term, the group expects its UK hotels to continue facing a difficult operating environment. GL Limited said it has implemented cost-cutting measures across its hotel properties, and also leaned on government support and relief schemes where applicable. It has also deferred non-business-critical capital projects and ensured the availability of credit facilities.
Will Close 0.605. This the trend at close
heavily into this counter and waited for very long already, but Uncle Quek, where are you ?
Qanghoo ( Date: 12-Aug-2014 14:23) Posted:
There are probably many other stocks trading some way below RNAV too. And despite all the recent hype abt privatisation of some of them, only a few have materialised. Anyway, for GL, recall that an attempt was made by uncle Quek to take it private at 1.20/share some yrs back. It did not succeed. These days, maybe he is accummulating as much as he can on the cheap so that if he eventually does try to make anothre offer at a higher price, his total cost of taking GL private wld still be cheap. But that means his next attempt may not come so soon.
pyk036173 ( Date: 12-Aug-2014 13:33) Posted:
RNAV $1.70 But share price $1.02,very much undervalue,good chance to be privatise??
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There are probably many other stocks trading some way below RNAV too. And despite all the recent hype abt privatisation of some of them, only a few have materialised. Anyway, for GL, recall that an attempt was made by uncle Quek to take it private at 1.20/share some yrs back. It did not succeed. These days, maybe he is accummulating as much as he can on the cheap so that if he eventually does try to make anothre offer at a higher price, his total cost of taking GL private wld still be cheap. But that means his next attempt may not come so soon.
pyk036173 ( Date: 12-Aug-2014 13:33) Posted:
RNAV $1.70 But share price $1.02,very much undervalue,good chance to be privatise??
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