Sun Art Retail 15-month profit drops to 3.7b yuan

Business | 11 May 2021 3:42 pm

Sun Art Retail (6808), a subsidiary of Alibaba (9988), recorded a 15-month profit of 3.77 billion yuan (HK$4.55 billion), down by 15.4 percent from the corresponding period ended March 31, 2020.

Revenue grew by 30.4 percent to 124 billion yuan, from 95 billion yuan by year end 2019. A gross profit of 31.1 billion yuan was recorded. Gross profit margin was 25 percent.

Earnings per share were 0.37 fen for the 15 months ended March this year. The company proposed a final dividend of HK$0.13.

Sun Art said revenue from sales of goods was around 120 million yuan for the fifteen months, down by 1.7 percent.

Although sales from offline business, mainly hypermarkets, was challenging, online business to customer business, mainly through the Taoxianda and Tmall platforms, achieved significant progress, Sun Art said.

The group also opened 10 new hypermarkets, three superstores and 32 mini stores.

Chief executive, Lin Xiaohai, said offline retail faced huge challenges this quarter, but will continue cooperation with its major shareholder Alibaba in the community group-buying services by using the company's procurement capabilities and supply chain.


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