TA Global (TAGB) said that four hotels under the group's investment portfolio remain temporarily closed due to the Covid-19 pandemic.
The affected hotels are Aava Malacca Hotel, Malaysia; Four Points by Sheraton Bangkok, Thailand; Movenpick Resort and Spa Karon Beach, Phuket, Thailand; and Trump International Hotel & Tower Vancouver, Canada.
Only Radisson BLU Sydney, Australia, and Aava Whistler Hotel, Whistler, Canada have resumed business on June 1 and June 19, it said in a recent update on the latest business developments in its hotel division.
TAGB said in a filing with Bursa Malaysia on April 13 that it had temporarily closed all six hotels as the cities they operate in had issued their respective proactive measures to curb the spread of Covid-19.
It said this temporary closure is expected to reduce the net cash flow generated by the hotel division in the year 2020.
TAGB reported revenue of RM218.4 million and pre-tax loss of RM7.6 million in the current year's fourth quarter, as compared to revenue of RM196.5 million and pre-tax loss of RM120.4 million reported in the previous year's corresponding quarter.
The hotel operations division registered net operating loss (excluding foreign exchange gain) of RM35.1 million in the current year's fourth quarter, as compared to net operating profit (excluding foreign exchange gain) of RM21.3 million in the previous year's corresponding quarter.
Meanwhile, Aava Malacca has been closed since March 19, 2020, due to Covid-19 and the movement control order imposed by the government.
TAGB had said that the hotel will remain shut until April 24.
It is unclear when the hotel will resume business.