(Infocast News) HUNGFOOKTONG (01446) is expecting to record a profit attributable to owners of the company for the year ended 31 December 2020 of not less than HK$60.0 million as compared to that of HK$10.0 million for the year of 2019.

Such increase is mainly attributable to increase in gross profit margin despite the appreciation of Renminbi in the second half of 2020, which in turn is due to improvement in sales mix; and continuous enhancement in its supply chain management; successful implementation of certain cost saving measures since the late of 2019 as a consequence of the re-engineering of the group’s business process, in particular in Mainland China; and receipt of certain government grants and subsidies.

(WL)