Lifestyle China sees 48pc profit plunge

Business | Avery Chen 11 Aug 2020

Mainland department store operator Lifestyle China (2136) posted its net profit slumped 48 percent to 99.2 million yuan (HK$110.4 million) in the first half.

The company said the pandemic resulted in a slump in customer foot traffic and a 48.7 percent drop in the share of profit from its associate, Beiren Group.

Lifestyle China saw its first-half revenue decline 19.3 percent to 486.6 million yuan from a year ago.

Earnings per share were 6.8 fen and no interim dividend has been declared.

The company said it holds a cautious view toward a gradual recovery in the second half as it can benefit from the government's policies on stimulating domestic consumption and supporting the businesses, but the pandemic and Sino-US trade war may cast uncertainty over the job market and dampen consumer sentiment.

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