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Luk Fook earns 41% less in the first half of the year, and distributes a total of 50 sen with interim interest and special interest

2020-11-27T14:08:22.551Z


Luk Fook (0590) announced its interim results as of the end of September this year. The profit attributable to equity holders was 291 million yuan, a year-on-year decrease of 41.3%. It paid an interim dividend of 22.5 sen and a special interim dividend of 27.5 sen. The company pointed out that


Financial News

Written by: Zhang Weilun

2020-11-26 20:24

Last update date: 2020-11-26 20:24

Luk Fook (0590) announced its interim results as of the end of September this year. The profit attributable to equity holders was 291 million yuan, a year-on-year decrease of 41.3%. It paid an interim dividend of 22.5 sen and a special interim dividend of 27.5 sen.

The company pointed out that revenue for the period was 3.3 billion yuan, down 47% year-on-year; gross profit was 1.1 billion yuan, down 41.2% year-on-year, and gross profit margin rose 3.3 percentage points to 33.2%.

The company also stated that during the period, the subsidy amount from the Hong Kong government's employment insurance program was 57.759 million yuan, and the income from the mainland government subsidy was 32.568 million yuan.

The company also pointed out that during the period, same-store sales in Hong Kong and Macao markets fell by 70.2% year-on-year; same-store sales in the mainland market fell by 30.1%.

The company pointed out that in October this year, same-store sales in Hong Kong and Macau fell by 40% year-on-year, while same-store sales in the first three weeks of November fell by 30%, which was further narrowed from the 46% drop in September.

In the mainland market, same-store sales in October recorded a low single-digit increase year-on-year, and the first three months of November recorded a high single-digit increase.

The company stated that it would close two branches in Hong Kong in the current financial year and look for an opportunity to increase two branches in Macau.

In the coming year, it will be agreed to renew the salary freeze and maintain the natural wastage measures, and continue to fight for rent reductions from the owners to save costs.

Luk Fook Group's same-store sales fell 55% last quarter, mainland retail sales improved significantly

Luk Fook issued profit warning expects net profit from April to June to fall by 80% year-on-year

Luk Fook Retail Market Retail Retail Stocks

Source: hk1

All news articles on 2020-11-27

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