China’s duty-free giant reports profit growth

BEIJING (XINHUA) – China Tourism Group Duty Free Corporation Limited, the country’s largest operator of duty-free stores, reported growth in both revenue and profits in the third quarter (Q3) despite COVID-19 shocks.

The state-owned giant in Q3 raked in total operating revenue of CNY15.83 billion (about USD2.35 billion), up 38.97 per cent from a year ago, according to a statement filed to the Shanghai Stock Exchange.

During the same period, the company’s total profit surged 105.06 per cent year-on-year to CNY3.04 billion, said the statement.

Its net profit attributable to shareholders of listed companies in Q3 came in at CNY2.23 billion, up 141.9 per cent from the same period of last year.

The company, also the parent of the China Duty Free Group, attributed the booming performance to the implementation of new offshore duty-free policies introduced in the island province of Hainan.

Amid the country’s effective measures of epidemic prevention and control, the company seized the opportunities and saw its main business continue to improve, said the statement.

Shares of the company edged up by 0.3 per cent to close at CNY203.43 a piece last Friday.

People walk out of a duty-free store in Haikou, south China’s Hainan Province. PHOTO: XINHUA