C.P. Lotus (00121) said its loss attributable to equity shareholders for the year ended 31 December 2016 widened to Rmb538 million from Rmb17.96 million for the previous financial year.
Basic and diluted loss per share was Rmb2.41 cents.
The revenue was Rmb10,086 million, a decrease of 5.4% from a year earlier. The reduction was due to the fact that the revenue generated by three new stores opened in 2016 was not enough to offset the 8.2% reduction in same store sales which was a result of the continued easing of the economy, the government's anti-waste campaign and the intensified competition from online retailers. All categories recorded a reduction in sales compared to the previous year.
The significant increase in loss was largely due to the increase in impairment loss of Rmb336.2 million, the reduced gain on the forward foreign exchange contracts and the exchange loss of Rmb42.3 million and a termination benefits of about Rmb44.6 million.
No final dividend will be distributed.
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