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Public company info - Times Universal Group Holdings Limited , 02310.HK
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Times Universal Group Holdings Limited, 02310.HK - Company Profile
Chairman Choi Yun Chor
Share Issued (share) 1,093,000,000
Par Currency
Par Value 0.0
Industry Property Management & Agency
Corporate Profile Business Summary: The Company is an investment holding company and the principal activities of the Company and its subsidiaries (collectively referred to as the “Group”) are hotel operation in Canada and properties management in the People’s Republic of China (the “PRC”). Performance for the year: Revenue decreased by 36.2% to approximately HK$58,803,000 from approximately HK$92,228,000 in 2019 was mainly due to the impact from the COVID-19 pandemic which forced the hotel operation closed for prolonged periods this year. The Group recorded a net loss of approximately HK$78,780,000 for the year ended 31 December 2020. Business Review Hotel Operation Business Revenue from hotel operation accounted for approximately 40.1% of the total revenue. Hotel occupancy rate decreased to 39.1% in 2020 from 84.6% in 2019 owing to the COVID-19 pandemic which caused the hotel to close for prolonged periods. The revenue was therefore decreased by approximately HK$20,763,000 from approximately HK$44,372,000 in 2019 to approximately HK$23,609,000 in 2020. Property Management Business Revenue from property management business amounted to approximately HK$35,194,000, representing a decrease of 26.5% comparing to approximately HK$47,856,000 in 2019. The decrease was mainly due to reduction in property management fee of HK$12,662,000 of certain properties under management. The segmental revenue accounted for approximately 59.9% of the total revenue of the Group. Prospects: The property management segment continues to be the key sources of income for the Group. Management believes that property management industry in China will continue to grow steadily and bring stable income to the Group. While exploring new property management projects, the Group will actively consider expanding this segment through acquisitions. 2020 was a difficult year for the hotel operation business and the global tourism industry has been devastated. Although management believes that demand for hotel will return once the economy recovers, management expects that travel restrictions, quarantine and safety concerns will continue to deter people from travelling for the foreseeable future and that a full recovery will take several years. After all, management is confident in hotel operation and will continue to explore suitable business opportunities, with an aim to deliver substantial returns for shareholders of the Company through a series of acquisitions and proposed cooperation.

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