08371.HK Expect Revenue Growth of More Than 73% in the First Three Quarters

On January 20, 2019, Grandway Group (08371.HK) announced that it expects the Group to record substantial growth for the nine months ended 31 December 2021: revenue increased by more than 73% compared to the nine months ended 31 December 2020; and unadjusted net profit increased by more than 145%, net profit after deducting government subsidies and back listing expenses increased by more than 395%.

The increase was mainly due to: (1) more restaurants opened during the period and restaurants opened last year contributed to the full nine-month turnover during the period; (2) per capita consumption increased; (3) the Hong Kong Government's implementation of restrictive social distancing measures changed customers' eating habits and customers preferred to eat dinner early; and (4) during the same period, the ban on dine-in after 6 p.m. was implemented from late July 2020 to the end of August 2020 and from early December 2020 to early February 2021.

This article originated from Grand Gateway