Future Bright records losses of HKD376 million last year

Future Bright Holdings Limited is on alert for a considerable continued loss of revenue in the first quarter of 2020 due to the outbreak of the Covid-19 infection, after it recorded HKD376.8 million in unaudited losses last year.

In a filing to the Hong Kong Stock Exchange, the food and beverage group owned by lawmaker Chan Chak Mo said that the trade and technology disputes between China and the U.S. and the civil unrest in Hong Kong had “made the operating environment of the group tough and competitive.”

The majority of the losses was derived from the disposal of its development property project, namely the “Hengqin Land” in Hengqin Island.

Meanwhile, the group’s business during the Chinese New Year holiday in January 2020 was adversely affected due to the coronavirus outbreak.

“The group has had to temporarily close down most of its restaurants and shops in Macau, Hong Kong and mainland China for about two weeks in February 2020 which would substantially reduce its revenue contribution in the first quarter of this year,” the group said.

The management expects that the considerable loss of revenue from the above-mentioned temporary shutdown will lead to a considerable loss in the first quarter of 2020. LV

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