THE WHAT? China Tourism Group saw revenue plummet 38 percent yoy to CNY10.868 million in the second quarter of the financial year as a result of China’s continuing lockdowns, according to an article published by Moodie Davitt Report.
THE DETAILS Both Shanghai and Beijing experienced lockdowns during the period in question while Q3 figures will be impacted by lockdowns on Hainan Island. However, Goldman Sachs is forecasting a return to normality in late or mid-September once the latest COVID-19 outbreaks are under control, per Moodie Davitt Report.
THE WHY? While China’s zero-COVID policy continues to affect sales due to continuing lockdowns, CTG is widely expected to bounce back as cases recede and restrictions are lifted to coincide with the start of Golden Week, Moodie Davitt reports.