The company has reported that although they have turned around their performance in the second half, they are still expecting to post a full year loss.
The Hong Kong-based apparel company has told shareholders that they can expect a loss of between $14M and $16.7M for the full year to December, following a profit of $29.7M in 2019.
The company recorded a loss for the six months to June 30 of $22.6M and preliminary figures for the second half how a net profit of between $5.8M and $8.4M due to improving retail sales in a number of its core markets.
Chief Executive Officer, Peter Lau, commented: “The recent surge in the number of Covid-19 cases reported in a number of the company’s markets, particularly in Hong Kong, Malaysia and South Korea, reflects that the situation will remain volatile in the near future. However, other markets, such as Mainland China and Taiwan, are showing signs of adjustment to the pandemic and gradual recovery.”