Tsui Wah sinks to HK$319m annual loss

Tuesday, June 30, 2020

Casual dining chain Tsui Wah Holdings (1341) reported a post-tax loss of HK$319.7 million for the year ended March 31, from a profit after tax of HK$4.7 million in 2019.

The basic loss per share were 22.49 Hong Kong cents.

Excluding non-cash items such as a one-off impairment and write-off of property, furniture and equipment, right-of-use assets, goodwill and inventory amounting to HK$125 million, the group said it incurred a post-tax loss of HK$194.7 million.

Revenue fell by 22.7 percent on year to HK$1.38 billion, from HK$1.78 million for 2019.

During the tear, the nine restaurants in Hong Kong and four in mainland China were closed, the company said.

As of March 31, the group operatd  83 restaurants in mainland China, Hong Kong, Macau, and Singapore. The group also opened  13 restaurants, including seven in Hong Kong, five in mainland China and one in Singapore.