Koufu continues to face Covid headwinds in business update

Koufu Group announced in a business update on Nov 24, that its total revenue on a same stores basis excluding new outlets decreased by 20% for the period July 1, 2021 to October 30, 2021 (the company has a Dec year end) as compared to the same period in 2019 (pre-Covid levels). The company said it expects further impairment losses on trade receivables, property, plant and equipment as well as right-of-use-assets on non-performing outlets to be recognized in 2H2021 (for the six months to Dec 31, 2021).