not vested
CEC profit up 16.6pc
CEC International (0759), the operator of local retail chain 759 Store, saw annual net profit surge 16.6 percent to HK$27.7 million from the previous fiscal year, thanks to its fast-growing retail business.
The retailer, with branded shops selling products from snacks, cosmetics, household goods and baby toys to bedding, opened 57 more retail outlets in 12 months to April 30, leading to a total of 249 branches, including five restaurants and one bakery.
Turnover soared 32.3 percent to HK$2.42 billion, with almost 90 percent coming from retail sales.
Retail segment revenue jumped 48 percent to HK$2.13 billion.
Gross profit margin rose to 31.8 percent, up 1.9 percentage points, due to expansion of its higher margin retail business.
An annual dividend of 1 HK cent was proposed, up from 0.7 HK cents last fiscal year.
In the future, the company aims to transform 759 store into a brand of "a large grocery store" or "a small department store."
Moreover, 759online was launched to develop its regional retail business early this month. Chairman Coils Lam Wai-chun expected e-commerce business to break even in five years.
Source: The Standard HK