May 21, 2020 / 7:56 AM / 5 days ago

BRIEF-Tsogo Sun Hotels Sees 40%-45% Decline In FY HEPS

May 21 (Reuters) - Tsogo Sun Hotels Ltd:

* JSE: TGO - TRADING UPDATE FOR THE YEAR ENDED 31 MARCH 2020

* TSOGO SUN HOTELS LTD - REVENUE IS EXPECTED TO BE BETWEEN 1% AND 3% HIGHER FOR FY

* TSOGO SUN HOTELS LTD - FY HEPS IS EXPECTED TO BE BETWEEN 40% AND 45% LOWER

* TSOGO SUN HOTELS LTD - FY EPS IS EXPECTED TO BE BETWEEN 84.0 CENTS AND 89.0 CENTS LOWER

* TSOGO SUN HOTELS LTD - FY EBITDAR IS EXPECTED TO BE BETWEEN 8% AND 10% LOWER

* TSOGO SUN HOTELS LTD - TRADING DURING FIRST NINE MONTHS OF FINANCIAL YEAR WAS IMPACTED BY DEPRESSED MACRO-ECONOMIC ENVIRONMENT

* TSOGO SUN HOTELS - COVID-19 HAD A MARKED IMPACT ON GROUP’S Q4 TRADING WITH INTERNATIONAL DEMAND RETRACTING AS EARLY AS FEBRUARY 2020

* TSOGO SUN HOTELS-IMPLEMENTED TEMPORARY LAYOFF OF EMPLOYEES & MATERIALLY REDUCE PAY FOR ALL LEVELS INCLUDING EXECUTIVE MANAGEMENT & BOARD MEMBERS

* TSOGO SUN HOTELS LTD - IS SEEKING RENT RELIEF WITH LANDLORDS FOR PERIOD OF LOCK DOWN AND SUBSEQUENT LOW DEMAND PERIODS

* TSOGO SUN HOTELS LTD - HAS NEGOTIATED REDUCED OR EXTENDED PAYMENT TERMS WITH MAJOR SUPPLIERS

* TSOGO SUN HOTELS LTD - LENDERS TO BOTH TSOGO SUN HOTELS AND HPF HAVE APPROVED WAIVER OF SEPTEMBER 2020 COVENANTS Source text for Eikon: Further company coverage:

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