Online leisure travel firm posts a 1.8% rise in revenues
>> Chinese online leisure travel provider Tuniu reported that its net revenues for 2019 were USD 327.6 million, up by 1.8% from 2018. Tuniu expects its net revenues to decline by 65%-75% for the first quarter this year due to the coronavirus pandemic. The company's CFO Ms. Maria Yi Xin has tendered her resignation which will be effective as of May 31, 2020. The company has initiated a search for a new Chief Financial Officer.
Airport authority buys 500,000 tickets to inject cash into airlines
>> The Hong Kong government will buy 500,000 flight tickets directly from the city’s airlines as part of a stimulus worth billions of Hong Kong dollars to the crippled aviation sector. The Airport Authority Hong Kong, which runs HKIA, will fund a HK$2 billion purchase scheme for half a million air tickets, as well as buying back airport services equipment, bringing the total package of AAHK support to HK$4.6 billion.
Hong Kong Disneyland cuts salaries, introduces unpaid leave
>> Hong Kong Disneyland has temporarily cut the salaries of some senior managers by up to 30% and asked its full-time employees to take several days of unpaid leave in April in cost-cutting measures necessitated by the coronavirus pandemic. It added there was no clear indication when the resort – closed since January 26 and now offering only limited services at its three hotels – could be reopened.
China's tourism revenue falls 81% in a three-day holiday
>> The three-day Qingming Festival in China this year has seen 43.25 million domestic travelers, down by 61.4% year-on-year, according to data from China Tourism Academy. The tourism revenue fell 80.7% to USD 1.17 billion during the time.
Domestic airlines start to bounce back as restrictions ease
>> China’s domestic airlines are starting to bounce back with the easing of restrictions, according to Flightradar24. From the start of March, the number of domestic flights has made tentative increases, stabilizing at around 50% of 2019 volumes.
OYO furloughs thousands of employees globally
>> OYO put thousands of workers on furloughs, likely covering every market other than its home base of India. The company faces what founder and CEO Ritesh Agarwal termed a “balance sheet runway” that’s impacted by a 50%-60% plunge in revenue and occupancy. OYO said it sees some “small yet encouraging green shoots of recovery” already in China, Denmark, and Japan.