Koufu saw a large chunk of its 1H20 earnings bitten off due to the impact of the Covid-19 outbreak. Earnings came in at $2.5 million, some 82.0% lower than $14.1 million recorded in 1H19.

This was while revenue dipped by 23.2% to $89.0 million from $115.9 million a year ago.

Revenue contribution from the outlet and mall management segment decreased by 19.4% y-o-y to $47.8 million, mainly due to decrease in fixed rental income as the group passed on rental and property tax rebates granted by landlords to stall tenants; decrease in variable rent income owing to lower footfalls at most of the outlets especially during the circuit breaker and Phase 1 of the re-opening of the economy as dine-in services were disallowed; and decrease in the recovery of cleaning expenses from stall tenants as lower cleaning expenses were incurred during the circuit breaker and Phase 1 periods when dine-in services were disallowed.

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