China Tourism Group Duty Free Corporation Limited (CTGDF) released its third-quarter performance report yesterday. For the first three quarters, the company is expected to achieve operating revenue of 43.021 billion yuan, a year-on-year decrease of 15%; net profit attributable to shareholders was 3.920 billion yuan, a year-on-year decrease of 25%.
At first glance, the performance is still in a comprehensive downward trend. Breaking down the third quarter:
Q3 revenue was 11.756 billion yuan, a year-on-year decrease of 22%, with a larger decline than Q2's -17.4%,
Q3 net profit attributable to shareholders was 638 million yuan, a year-on-year decrease of 52%, worse than Q2's 976 million yuan and a year-on-year decrease of 38%,
The calculated Q3 gross profit margin was 31.6%, a quarter-on-quarter decrease of 1.7 percentage points, and the net profit margin attributable to shareholders was 5.4%, a year-on-year decrease of 3.5 percentage points and a quarter-on-quarter decrease of 2.4 percentage points.
All indicators are weakening
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