Fosun, owner of Club Med, warns investors of 76 per cent slide in earnings as coronavirus ravages tourism business

Fosun International, the owner of Club Med resort chain, has told investors to expect up to a 76 percent slide in earnings for the first six months this year as the coronavirus pandemic crushed its tourism-related business.The group is expected to generate 1.8 billion to 2 billion yuan (US$285 million) of earnings in the first half, compared with 7.61 billion yuan in the same period in 2019, it said in an exchange filing later Friday. The profit warning was based on a preliminary assessment of…

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