Financial News
Written by: Kuang Yueting
2020-04-28 19:59
Last update date: 2020-04-28 19:59Dairy Farm, which is engaged in retail and catering businesses, expects that the spread of the New Coronary Pneumonia epidemic around the world will cause a downturn in consumer sentiment and will seriously affect the first quarter results.
Although Milk International ’s grocery retail business performed strongly, it was overshadowed by the negative performance of North Asia ’s health and beauty business, Maxim ’s business and convenience business, which had an overall negative impact on overall sales. Milk Company disclosed that in the epidemic, restrictions on population movements and social isolation measures have resulted in the closure of Chinese stores, and the number of guests in Hong Kong and Singapore has decreased significantly.
Milk International currently holds a 50% stake in Meixin, which is engaged in the catering business, pointing out that with the substantial decrease in restaurant guests and the need to temporarily close some stores, it will affect the performance of Maxim's business.
The company believes that the measures taken in the future epidemic situation and epidemic prevention will continue to affect the business. Measures have been taken to control costs, review capital expenditures, and increase production efficiency.
As of the end of March, the milk company's net debt was 791 million US dollars, and liquidity was 456 million US dollars, including 248 million US dollars in cash reserves.
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