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.”
Other factors such as rising interest rates and inflation also undermined general market sentiment, Shun Tak said.
