SINGAPORE (July 1): The manager of Accordia Golf Trust (AGT) says the business is likely to experience a potentially “long-drawn recovery process” from the Covid-19 outbreak, says CGS-CIMB analyst William Tng in a non-rated report dated June 29.

“The manager has guided that it will continue to streamline the group’s cost structure to align with the new norm and establish stringent health and safety protocols to restore consumer confidence and employee safety,” Tng adds.

The news comes as the Trust reported earnings of JPY1.7 billion ($22.0 million) for FY20 in June, which came despite poor weather conditions – particularly Typhoon Hagibis in Japan in October 2019 – as well as the Covid-19 outbreak in March 2020.

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