Aspen Group warns of $500,000 hit from bushfire related slowdown

Aspen Group says while none of its holiday or resort properties have been damaged by fires, the business has been materially impacted. It expects an income hit of $500,000, but is not changing guidance, which remains at between 6.75¢ to 7¢ of underlying earnings per security, and distributions of 6¢ per security.  Aspen will try to claim some of the losses through insurance. 

Major roads servicing Aspen properties in Barlings Beach and Tween Waters have been ”intermittently closed and food, water, power and telecommunication supplies and services have been interrupted” with tourists asked to flee the region.  

“The efforts of our local management reams have been tremendous during this very difficult time, keeping all of our customers safe, providing free and discounted accommodation and services, and helping them pack up and leave when they were able to do so,” Aspen told the ASX this morning. 

“We will continue to provide support to the communities impacted in the weeks and months ahead, including offering our cabins and sites under longer term leases to people who have lost or cannot occupy their houses.” 

Good Morning and welcome to today’s Markets Live blog, coming to you from wet and smokey Melbourne. 

Your editor today is Lucy Battersby. 

This blog is not intended as financial advice.