Nam Tai Property (NTP) Reports Q1 Loss of $0.08

Nam Tai Property (NYSE: NTP) reported Q1 EPS of ($0.08), versus ($0.05) reported last year. Revenue for the quarter came in at $699 thousand, versus $581 thousand reported last year.

Impact of COVID-19

The recent outbreak of the COVID-19 pandemic has not had a significant impact on our liquidity and financial condition. While the pandemic continues in China and around the globe, we will continue to assess its impact on our business and take necessary actions.

• With respect to business invitation and leasing, the Nam Tai Inno Park Industrial Showroom was temporarily closed in February 2020 due to the pandemic.
• With respect to financial impact, as a socially responsible company, we have reduced the rent by half for the month of March 2020 for our tenants that met certain criteria in the Nam Tai Inno Valley and Nam Tai - Tang Xi Technology Park. Meanwhile, we also received a rent concession of 50% for the month of March 2020 from the lessor of Nam Tai - Tang Xi Technology Park.
• With respect to the construction work, the construction of Nam Tai Inno Park and Nam Tai Technology Center was suspended in February 2020. When construction resumes, we expect to be able to increase its pace so that the schedules of the projects will not be significantly affected.

For earnings history and earnings-related data on Nam Tai Property (NTP) click here.

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