Formosa International Hotels Corp (FIH, 晶華國際酒店集團) yesterday reported NT$137.5 million (US$4.66 million) in consolidated profit for the second quarter, a 76.85 percent slump from a year earlier, as the COVID-19 pandemic continued to weigh down business.
The local hotel chain released its earnings after a board meeting in which directors decided not to distribute dividends this quarter, it said in a statement.
The hospitality company has aimed to distribute earnings with its shareholders on a quarterly basis, following the example of chipmaker Taiwan Semiconductor Manufacturing Co (台積電).
In addition to the company’s flagship property, the Regent Taipei (台北晶華酒店), FIH operates hotels under the Silks Place (晶英酒店) and Just Sleep Hotel & Resort (捷絲旅) brands, as well as independent restaurants the Spice Market (泰市場), Just Italian (義饗食堂) and Just Grill Steakhouse.
The group also owns Domino’s Pizza outlets in Taiwan, a fast food arm that remains profitable despite the outbreak, as does Silks Place Taroko (太魯閣晶英酒店), its resort property in Hualien County, the statement said.
Net consolidated income for the first half of this year stood at NT$261.43 million, or earnings per share of NT$1.85, a steep 68.27 percent drop to a 22-year low, it said.
The board stood by a plan to distribute a cash dividend of NT$3.92 per share based on profits in the second half of last year, it said.
The group would continue to introduce special packages to shore up occupancy at various properties, including cruise ship-like experiences at the Regent Taipei for NT$2,990 per person, it said.
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