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October 19, 2020

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Duty free giant sees profits soar

China Tourism Group Duty Free Corp, the country’s largest operator of duty-free stores, reported growth in both revenue and profits in the third quarter despite COVID-19 shocks.

The state-owned giant raked in total operating revenue of 15.83 billion yuan (US$2.35 billion), up 38.97 percent in the third quarter from a year ago, according to a statement filed with the Shanghai Stock Exchange.

During the same period, the company’s total profit surged 105.06 percent year on year to 3.04 billion yuan.

Its net profit attributable to shareholders of listed companies in Q3 came in at 2.23 billion yuan, up 141.9 percent year on 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 in Hainan Province.


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