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GL Limited, Oxley expect FY2020 net losses
LEISURE group GL Limited on Monday said it is expected to report a net loss for FY2020, primarily due to Covid-19 as well as lower oil prices.
It said that the pandemic has resulted in widespread international travel restrictions and severely disrupted the group’s United Kingdom hospitality business led by its wholly-owned subsidiary, GLH Hotels Limited.
It is also expecting potential impairment losses attributable to the group’s hotel assets and development property, as well as lower income from its Bass Strait oil-and-gas royalty interest compared to a year ago, driven by significantly weaker crude oil prices due to oversupply and exacerbated by the impact of Covid-19 on global demand.
"Notwithstanding the above, the group’s financial position remains robust and it has adequate liquidity to see it through this challenging period, with total cash and undrawn credit facilities standing at circa US$235 million as of June 30, 2020," it said.
It is expected to release its FY20 results by Aug 26.
Property company Oxley Holdings on Monday also said that it is expected to report a net loss for the second half of its FY2020 and the full year, due to the impact of the Covid-19 pandemic.
This was based on a preliminary assessment of its management accounts. It will announce its results by Aug 29.