PARIS (Reuters) - French catering company Elior (ELIOR.PA) warned on Tuesday of an expected slump in first-half profits because of the coronavirus, adding that it would propose scrapping its dividend payment.
Elior estimated the impact of the crisis at 157 million euros ($171.2 million) on revenues and 70 million on its adjusted EBITA (earnings before interest, tax and amortisation).
The firm expected first-half revenues to fall 6.2% to 2.46 billion euros ($2.7 billion) and for adjusted core EBITA to slump to 51 million euros from 122 million euros a year ago.
The company added that its chairman and chief executive had agreed to pay cuts to help finance a solidarity fund for crisis-affected staff.
Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez