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This is how much of a loss Shun Tak made in the last year of the pandemic

Zero-Covid policies and travel curbs “posed an immense challenge” to the group’s business, according to chair Pansy Ho.

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Zero-Covid policies and travel curbs “posed an immense challenge” to the group’s business, according to chair Pansy Ho.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 12:28 am

Executive chair and managing director of Shun Tak Holdings, Pansy Ho, has attributed the company’s 2022 loss to the Covid-19 pandemic.

The hospitality, transport, property and investment group released its annual results on 24 March, revealing a loss of just over HK$558 million, compared with more than HK$962  million profit earned in 2021.

Ho told media that lockdowns and travel restrictions in Macao, Hong Kong and mainland China “posed an immense challenge to the property, transportation and hospitality sectors”.

[See more: Young people need more cultural pride, Pansy Ho says]

Shun Tak’s hospitality arm posted a loss of HK$156 million, with a HK$241 million loss recorded by the group’s transport division.

The property unit remained in the black but profits dropped 40 percent to HK$1.12 billion from HK$1.85 billion in 2021.

Ho said that the ending of the zero-Covid policy and reopening of borders meant that the group  “expects modest recovery in the tourism industry in the year ahead” and that Shun Tak “will actively gear itself up for an anticipated recovery in the regional travel market”.

 

UPDATED: 22 Dec 2023, 12:28 am

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