China Travel reports HK$526m loss, says no layoffs

Monday, August 31, 2020

China Travel International Investment Hong Kong (0308) has not laid off Hong Kong employees or asked staff to take no-pay leave, said deputy general manager Tao Xiaobin.

Revenue in the first half was hit by the coronavirus pandemic but has started to recover since February, Tao said. He expects results in the second half to be better.

Chairman and executive director Jiang Hong, said traveler sentiment and travel agency bookngs have not fully recovered from the virus pandemic.

The travel agency reported a HK$526 million net loss for the first half this year. Revenue plunged by 74.3 percent year-on-year to HK$571 million.