Virus subsidies lift International Houseware Retail net

Business | 13 Jan 2021 12:46 pm

International Houseware Retail (1373) recorded a positive return in the first half and around more 100 employees will be hired this year, chairman Ngai Lai-ha said.

Net profit for the six months ended October last year increased by 251 percent year-on-year to HK$169.39 million.

Excluding coronavirus-related subsidies and rent concessions, the net profit was up by 61.22 percent year-on-year to HK$78.89 million.

The turnover was up by 13.75 percent to HK$1,321.49 million.

Physical stores increased by six to 375 in the first half, compared with 12 months ended April last year. In Hong Kong, the number of stores increased by five to 317.

The gross profit margin fell by 1.4 percentage points to 45.3 percent as the company decided to buy stock in hand in the first phase of the virus.

Ten more physical stores are expected to open this year, Ngai said.

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