, Hong Kong
10 views

Sun Art Retail profit drops 16.6% in 2021

The retail group linked this to the impact of the pandemic.

Hong Kong-listed Sun Art Retail Group Limited reported a profit drop of 16.6% to $4.55b (RMB3.77b) during the 15 months ended 31 March 2021, compared to $5.09b (RMB4.22b) over the same period last year.

The group’s revenue declined 2% to $150.23b (RMB124.33b), whilst its gross profit and profit from operations also decreased 5.7% to $37.55m (RMB31.08m) and 18.3% to $6.94m (RMB5.75m), respectively.

“During the pandemic period of the first quarter of 2020, customers were affected by the home quarantine policy. Other businesses were suffered, however, retail stores recorded high-digit revenue growth,” the group reported.

It added it expects its revenue growth to be driven by the implementation of multi-format and omni-channel development strategy.

At present, Sun Art has 490 hypermarket complexes, 6 superstores and 32 mini stores. It has also remodelled 38 of its hypermarkets to become customers’ offline experience centers and logistics fulfillment centers of online businesses.

The number of stores being remodelled is expected to reach between 40-50 annually.

Basic earnings per share amounted to $0.44 (RMB0.37). The Board has recommended the payment of a final dividend of $0.13 per ordinary share, subject to the approval by the shareholders at the annual general assembly.

Meanwhile, the Group has appointed Lin Xiaohai as its CEO, who has 25 years of experience in retail and internet industry.

“Mr. Lin Xiaohai formed a new generation of management team and set the strategy of multi-formats and omni-channel development,” Peter Huang, chairman of the Group, said.
 

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!

Get Hongkong Business in your inbox
The manufacturing firm will issue 250 million shares in its global offering.
The Group recorded a $26.7m loss last year.
A new government rule plans to tighten public access to company director’s personal info.
But full employment is still a long way ahead.
The tighter border restrictions will take effect on 18 June.
The company will be offering $10m worth of incentives to promote vaccination.
Total exports for outward processing amounted to $134.6b during the quarter.
The airline earned an overall score of 4.6 out of 5 in the Air Cargo Excellence Survey.
It will increase the rate to 0.13% starting 1 August.
The new threshold applies to Hong Kong Electric and CLP Power Hong Kong.
The Singapore-Hong Kong air travel bubble has been pushed back again.
Changes in consumer behaviour as an impact of the pandemic may be here to stay.
The list includes policymakers, visionaries and entrepreneurs from all over the world.
Mortgages and credit card demand rose, whilst unsecured credit hit a historical low.
But it flagged points of exposure to macro-financial risks.