Sino Splendid’s revenues drop 59%

Hong Kong, 9th November: Earlier this week, Hong Kong-listed Sino Splendid (formerly China.com) announced its financial results for the nine months ended 30th September 2019. Revenues in the period were US$3.4 million, a 59% decrease compared with the same period in 2019. The company recorded a loss of US$1.5 million in the first nine months of 2020, compared with a loss of US$738,000 in the same period last year.

More than half of its total revenues were generated from Sino Splendid’s Travel Media Business, amounting to US$1.8 million. This represents a decrease of 70% compared to last year. The decrease was almost entirely due to the outbreak of COVID-19 and its impact on the travel industry.

The company also reported its financial results for the quarter ended 30th September. Revenues in the quarter dropped 59% year-on-year, down to US$897,000. The loss in the quarter was US$193,000, compared with the loss of US$102,000 in the third quarter of 2019.