(Alliance News) - John Menzies PLC on Thursday said it expects the coronavirus outbreak to hurt profit for 2020.
The aviation services firm said it expects the virus to reduce profit to the tune of around GBP6 million to GBP9 million on the assumption that the impact of the virus subsides toward the end of the second quarter.
For 2018, John Menzies posted pretax profit of GBP21.6 million on revenue of GBP1.29 billion. Results for 2019 will be published on March 10.
The Edinburgh, Scotland-based company said the virus has had the most impact on its operations in Macau and where it handles Chinese air carriers across its network. It added that as the situation is still evolving, it has found it difficult to assess the full extent of the impact.
Separately, John Menzies said it has extended its GBP325 million lending facility until 2025.
The stock was trading 3.9% lower at 341.50 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.