China Duty Free Group reports profit growth in 2020

China Duty Free Group Co Ltd (CDFG), a state-owned enterprise operating duty-free business, reported profit growth in 2020.

Its net profits attributable to shareholders grew 32.07 percent year-on-year to reach 6.12 billion yuan ($945.77 million) last year, according to a preliminary financial statement the company filed with the Shanghai Stock Exchange.

Operating revenue jumped by 8.24 percent year-on-year to 52.62 billion yuan during the period, the statement shows.

By the end of 2020, the company's total assets topped 41.97 billion yuan, up 31.89 percent from a year before.

The company said it had taken measures, including strictly controlling its operating costs and expanding channels for profits, to counter the challenges brought by COVID-19 last year.

The CDFG said that its major businesses had continued to improve due to the country's effective containment of the epidemic and the implementation of new offshore duty-free policies in the second half of 2020.