Covivio: to adjust guidance on interim results
(CercleFinance.com) - Covivio (formerly Foncière des Régions) announces that, given the current environment and uncertainty weighing on its hotel revenues, it will provide adjusted earnings guidance on publishing its interim results.
"During these last weeks, our priority has been to take the necessary measures to ensure the health and security of our teams and the continuity of our activities and services for our clients," it said.
Covivio points out that 80% of its revenues in 2019 consisted of fixed rents in offices and residential buildings, and says that regarding its hotels business (18% of revenues in 2019), the pandemic is directly impacting the variable part, which represents 9% of its sales.
The market seems reassured by this - the share is currently up 6%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
"During these last weeks, our priority has been to take the necessary measures to ensure the health and security of our teams and the continuity of our activities and services for our clients," it said.
Covivio points out that 80% of its revenues in 2019 consisted of fixed rents in offices and residential buildings, and says that regarding its hotels business (18% of revenues in 2019), the pandemic is directly impacting the variable part, which represents 9% of its sales.
The market seems reassured by this - the share is currently up 6%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.