Heeton Holdings sank into losses of $8.1 million for 1HFY20 ended June 30, from earnings of $9.8 million in the earlier period.
Revenue in the same period was $12.7 million, down 56.6% y-o-y, as its hotel businesses suffered from the Covid-19 fallout. It collected lower rental from its tenants too.
As at end 2019, Heeton owns 13 hotels in various markets, especially UK.
Heeton expects its hospitality business to continue to see "sustained weakness".
“We will continue to monitor the situation in every country where we operate, and actively review mitigating measures in response to these challenges,” said Heeton in its earnings commentary.
As at June 30 2020, Heeton’s net asset value was 86.57 cents per share, down from 89.13 cents as at Dec 31 2019.
Heeton’s shares closed at 19 cents on Aug 7, down 0.53% for the day and down just over 40% year to date.