Roxy-Pacific Holdings says it expects to report losses for the 2HFY2020 and FY2020 ended Dec 31, 2020, due to the negative impact on its earnings due to the prolonged Covid-19 pandemic.

The losses are mainly due to expected impairments on hotel assets incurred by its hospitality segment, and share of losses in overseas associated companies.

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The latter resulted in impairments of properties and additional tax expenses incurred following the final assessment by the Hong Kong Inland Revenue Department.

The guidance was based on a preliminary review of the group’s unaudited financial results for 2HFY2020 and FY2020.

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Shares in Roxy-Pacific Holdings closed 1 cent higher or 2.8% up at 36.5 cents on Jan 8.