China Tourism Group Duty Free Corporation Limited (China Tourism Group), the parent company of China Duty Free Group (CDFG), posted a 29.14 percent year-on-year increase in operating income to RMB 50.837 billion (USD 6.96 billion) for the nine months ended September 30.
Net profit attributable to shareholders rose 12.33 percent to RMB 5.199 billion (USD 712 million).
Operating income in the third quarter reached RMB 14.979 billion (USD 2.1 billion), up 27.87 percent year-on-year, with net profit surging 93.19 percent to RMB 1.333 billion (USD 182.6 million). Last year’s third quarter was heavily impacted by the closure of stores in Hainan due to a Covid outbreak on the island.
China Tourism Group said it had fully capitalised on the opportunities arising from the continuous recovery of domestic consumption and accentuated its development philosophy of “trusted business operation and excellent services.”
The company also focused externally on market development while enhancing internal management. An optimised product structure and business layout helped boost performance, the group said.
“By reinforcing business adjustments, the company improved management service levels, and took a series of measures to promote the steady development of its principal businesses,” China Tourism Group commented.
“During the reporting period, the company placed great emphasis on sustainability, pursuing balanced growth in scale and profits. For each of the first three quarters of 2023, the gross profit margin of the company’s principal business experienced continuous recovery, reaching 28.75 percent , 32.47 percent and 34.27 percent, respectively,” the group concluded.