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SEE: Willas-Array sinks into the red on one-time losses; revenue up 7.4%
On that, the group says it is “cautiously confident” that its FY2021 performance will beat its performance in FY2020. “Despite the positive outlook for our domestic China market, we are mindful that the global Covid-19 situation remains fluid. Despite the gradual rollout of Covid-19 vaccines, there are public concerns about the efficacy of these vaccines due to adverse reports about side effects,” says Willas-Array’s chairman Lawrence Leung. “In addition, there appears to be a resurgence of the virus in certain countries and reports about new strains. Such challenges will continue to undermine the global economy and business environment as some countries have returned to lockdown mode and this will in turn have an impact on our industry.” ““Furthermore, the ongoing tense relations between the US and China may continue to present challenges to trade between the two nations. Nevertheless, in view of the Chinese government’s economic and business support policies, the Group expects China’s economy to be resilient with great potential for growth,” Leung adds.