THE WHAT? China International Travel Service saw its revenue plummet 44 percent year-on-year to CNY7.63 billion in the first quarter as travel bans and lockdowns were enacted around the globe, according to a report published by Nikkei Asian Review.
THE DETAILS The country’s largest duty free operator saw the CNY2.3 billion profit it reported this time last year transformed into a CNY120.14 million loss.
THE WHY? In a filing to the exchange, the travel retailer noted, ‘the customer source drastically decreased, due to the influence of the novel pneumonia epidemic’, per Nikkei Asian Review.