, Hong Kong

Vitasoy sees up to 107% profit drop over reduced demand

It estimated its performance to range between $50m loss and $60m profit.

Vitasoy International Holdings estimated its performance in the six months ending in September to drop between 91% and 107% from a year ago.

The company said it expects the group’s financial performance to range between a loss of $50m and a profit of $60m. This is a decline from the $671m profit recorded in the same period in 2020.

“This substantial decrease is mainly attributable to a significant reduction in market demand during the second quarter of the financial year 2021/22,” the group said in its profit warning.

The group also noted that the July 2 incident led to the month-long removal of its products on several shelves in Mainland China.

This stemmed from an unauthorised internal memo that contained “inappropriate contents” against the group that was widely circulated in social media in Mainland China.

“Although our products are gradually returning to shelves in selected outlets, the loss of sales during the summer peak season is expected to have a material impact on the Group’s revenue and profitability for the six months ending 30 September 2021,” the group noted.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Unemployment rate rises to 5.4% from February to April
The total number of unemployed people stands at 206,100.   The unemployment rate rose by 0.4 percentage points to 5.4%  from February to April, when compared to the January to March period.    Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people from February to April was 206,100, an increase of 17,600 from the preceding three-month period.   Meanwhile, the number of unemployed rose by around 25,000 to 142,000, translating to a rate of 3.8%.   With the increase in the number of jobless and underemployed individuals, total employment dropped to 3,559,200, whilst the labour force fell to 3,765,300.   The deterioration of Hong Kong’s labour market however should see an improvement in the coming months, according to Secretary for Labour & Welfare, Dr Law Chi-kwong.   The receding local epidemic situation and progressive relaxation of social distancing measures, the new round of Consumption Voucher Scheme, and Other relief measures including the 2022 Employment Support Scheme should help drive improvement in the employment sentiment, said the C&SD.