Shun Tak, headed by Pansy Ho, expects ‘modest recovery’ in tourism after slumping to US$71.1 million loss due to Covid-19 restrictions
- The Covid-19 pandemic posed significant challenges to the company’s property, transport and hospitality businesses, Pansy Ho says
- The group will take in new businesses such as cross-boundary bus services and passenger and baggage handling services via joint ventures later this year
Shun Tak, which has interests in property, transport, hospitality and investment sectors, posted a loss attributable to owners of the company of HK$558.2 million (US$71.1 million), compared with a net profit of HK$962.4 million in 2021, according to its annual results released on Friday.
Revenue fell 27.7 per cent to HK$3.49 billion last year, from HK$4.83 billion in 2021.
“In 2022, the world remained under the shadow of Covid-19, and the Omicron variant raged through cities where the group has significant businesses,” said Pansy Ho Chiu-king, group executive chairwoman and managing director.
“The imposition of strict travel restrictions and occasional lockdowns in mainland China, as well as the stringent anti-pandemic measures in Hong Kong and Macau, posed an immense challenge to the property, transportation and hospitality sectors.”
