20-11-2020
Tse Sui Luen (TSL) reported a US$5.37 million loss for the six months ending September. Revenue in Hong Kong, Macau, mainland China and Malaysia declined 28.7 percent.
“With the soaring gold prices and the cancellation of wedding receptions under the pandemic, the demand for gold and jewellery products plummeted. During the period, the turnover of our Hong Kong and Macau retail businesses decreased by 62 per cent.” High dependence on tourism also contributed to the sales slump of sales in Hong Kong and Macau. Stores with less income are expected to be shut. TSL will continue to negotiate rental reduction with landlords.
Despite the consumer sentiment in spending in mainland China, TSL’s biggest market which currently accounts for 48.3 percent of its sales has rebounded, the revenue dropped 5.2 percent.TSL said the market remains uncertain. In Malaysia,the company’s only market outside Greater China, fell by 28 percent.
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