HAIKOU, October 20. /TASS/. China Tourism Group Duty Free Corporation Limited, the operator of duty free shops in China, announced significant growth in revenue and sales profits in the third quarter amid an increase in duty free trade on Hainan, reported www.hinews.cn.
The company's operating income for the period was 15.83 billion yuan (about $ 2.35 billion), up 38.97% from the same period last year. The relevant data was presented in a report on the Shanghai Stock Exchange. For the third quarter, the company's profit increased in annual terms by 105.06%, to 3.04 billion yuan (about $ 440.5 million).
From July 1, the personal quotas at Hainan duty free shops were increased from 30,000 to 100,000 yuan (from $ 4,200 to $ 14,200), and the list was expanded from 38 to 45 positions duty free goods. Sales in the province's duty free shops for July-September amounted to 8.61 billion yuan (about $ 1.2 billion). This indicator, as reported in the Haikou customs service, increased by 227.5% in annual terms.
The Hainan authorities expect that by the end of 2020, total sales in the province's duty free stores will reach about 30 billion yuan (about $ 4.4 billion).