WEATHERING A PANDEMIC: To remain competitive, the hotel group would ‘take advantage of the slow season’ to upgrade its services and products, its chairman said

Taipei Times
Date: Mar 24, 2020
By: Crystal Hsu / Staff reporter

Formosa International Hotels Corp (FIH, 晶華國際酒店集團) yesterday said that its board of directors would not collect a bonus from last year’s earnings and senior executives would take a temporary pay cut of 30 percent to help the company ride out the COVID-19 pandemic.

The decision was made after the board approved last year’s earnings results. The nation’s top hotel and restaurant operator posted NT$1.38 billion (US$45.39 million) in net profit, or earnings per share of NT$10.58.

That represents a 2 percent decline from a year earlier, as the group can no longer recognize income from properties overseas after selling its majority stakes to InterContinental Hotels Group PLC.“I’m grateful to the board directors and senior executives for their understanding and sacrifices,” FIH chairman Steven Pan (潘思亮) said.    [FULL  STORY]