Brief: Giordano International Records HY Net Loss Of HK$175 Mln

Giordano International

11/08/2020 05:21

Aug 11 (Reuters) - Giordano International Ltd  0709.HK :
    * DECLARED INTERIM DIVIDEND OF 3.1 HK CENTS PER SHARE
    * ANTICIPATE A CHALLENGING OPERATING ENVIRONMENT IN SECOND
HALF OF
YEAR
    * MADE HK$71 MILLION PROVISION ON IMPAIRMENT OF RIGHT-OF-USE
ASSETS AND PROPERTY, PLANT AND EQUIPMENT DUE TO COVID-19
    * HAVE NO INTENTION OF IMPOSING LAY-OFFS OR ON OR REDUCING
SALARIES OF GENERAL STAFF IN NEAR FUTURE
    * GROUP WILL CLOSE UNDER-PERFORMING STORES, DEPLOYING MORE
RESOURCES TO ONLINE AND FRANCHISE BUSINESSES
    * IN MEDIUM TERM, WILL DOWNSIZE ITS HKSAR OPERATIONS UNLESS
THERE
ARE SUBSTANTIAL RENTAL REDUCTIONS
    * HY GROUP SALES DECLINED BY 44.4% TO HK$1,413 MLN
    * HY NET LOSS OF HK$175 MLN VS HK$161 MLN NET PROFIT LAST YR

Source text for Eikon:  ID:nHKS8KFDSv 
Further company coverage:  0709.HK 

 ((Reuters.Briefs@thomsonreuters.com;))