China Duty Free Group reports profit growth in 2020

BEIJING, Jan. 31 (Xinhua) -- China Duty Free Group Co., Ltd. (CDFG), a state-owned enterprise operating duty-free business, reported profit growth in 2020.

Its net profits attributable to shareholders grew 32.07 percent year on year to reach 6.12 billion yuan (about 945.77 million U.S. dollars) last year, according to a preliminary financial statement the company filed with the Shanghai Stock Exchange.

Operating revenue jumped by 8.24 percent year on year to 52.62 billion yuan during the period, the statement shows.

By the end of 2020, the company's total assets topped 41.97 billion yuan, up 31.89 percent from a year before.

The company said it had taken measures, including strictly controlling its operating costs and expanding channels for profits, to counter the challenges brought by COVID-19 last year.

The CDFG said that its major businesses had continued to improve due to the country's effective containment of the epidemic and the implementation of new offshore duty-free policies in the second half of 2020.