The Hongkong and Shanghai Hotels, Limited provided earnings guidance for the six months ending Jun3 30, 2020. For the period, the Board anticipates that the Group's unaudited profit attributable to shareholders and its underlying profit (excluding the post-tax effects of unrealised property valuation movements and other non-operating items) for the six months ending 30 June 2020 will be significantly lower than the figures for the same period last year. The lower than expected unaudited profit attributable to shareholders for the first half of 2020 is principally due to the outbreak of the COVID-19 coronavirus which has resulted in widespread travel advisories and airline cancellations to the Chinese mainland, Hong Kong and other regions. This has negatively impacted the Group's tourism-related businesses across Asia and particularly three Peninsula hotels in Beijing, Shanghai and Hong Kong. Hotel occupancy has substantially declined, patronage at food and beverage outlets has decreased and the commercial arcades of these three hotels have been negatively affected. Company are also starting to see an impact at other hotels in Asia. The situation has also affected ticket sales at the Peak Tram and Sky Terrace as well as rental receipts at The Peak Tower. In addition, the political situation in Hong Kong remains volatile following the serious social unrest and mass protests on the streets in the second half of 2019 which considerably impacted most of Hong Kong businesses. It remains to be seen if this social unrest will continue in 2020. Based on the information currently available, management estimates that the Group will sustain an operating loss in the first quarter of 2020, despite efforts and measures to contain costs. The actual impact may differ from these estimates as the situation continues to evolve.