Glorious Sun Enterprises, a Hong-Kong based investment holding company engaged in apparel retailing, reported 41.6 per cent decline in its revenue to HK$707.5 million (Hong Kong dollar) during fiscal 2020 ended on December 31, 2020, compared to HK$1.2 billion in the prior fiscal. The company’s profit for FY20 was HK$98.1 million (FY19: HK$112.7 million).
“Under the prevalence of Covid-19 and the ascending conflicts between US and PRC, the group’s markets were adversely affected. The management calmly and prudently faced these challenges by modifying swiftly our operation strategies to cope with these drastic changes in the markets,” company stated in a press release.
Gross profit was down to HK$139.6 million (HK$222.4 million), while profit before tax for FY20 was HK$102.7 million (HK$124.4 million).
Interior decoration and renovation segment’s revenue during FY20 slipped to HK$473.0 million (HK$706.1 million). Whereas, export operations' revenue were HK$141.5 million (HK$343.0 million), while retail franchise and others revenue were HK$41.4 million (HK$58.0 million).
“Under the adverse impact of the pandemic, retail business environment in Hong Kong was extremely arduous. Even more flexible payment terms were offered to help our overseas franchisees to weather through the depressed period, orders received from them were still under average,” as release said.
Fibre2Fashion News Desk (JL)
Glorious Sun Enterprises, a Hong-Kong based investment holding company engaged in apparel retailing, reported 41.6 per cent decline in its revenue to HK$707.5 million (Hong Kong dollar) during fiscal 2020 ended on December 31, 2020, compared to HK$1.2 billion in the prior fiscal. The company's profit for FY20 was HK$98.1 million (FY19: HK$112.7 million).