THE WHAT? China Tourism Group Duty Free Corporation has reported its preliminary results for fiscal 2022, according to a report published by China Travel News. The parent company of China Duty Free Group saw profit plunge 47.95 percent yoy to CNY5.025 billion after the now-lifted COVID-restrictions wiped out travel for the bulk of the year.

THE DETAILS A breakdown of revenues and costs will follow with the publication of the company’s final results in April. Operating income fell 19.52 percent to CNY54.463 billion.

THE WHY? As the company noted, multiple outbreaks led to a sharp drop in the company’s key channel customers with stores forced to close multiple times and logistics operations interrupted. However, with all restrictions now lifted, hopes are high for a recovery for the beleaguered travel sector in 2023.