News Snapshot:
By Martin Mou China Tourism Group Duty Free Corp. said Monday that its third-quarter net profit more than doubled from a year earlier, thanks to strong sales growth for duty-free goods in the tourist hotpot of Hainan province. Net profit jumped to 2.23 billion yuan ($333.1 million), up 142% from a year earlier, while revenue grew 39% to CNY15.83 billion, the company said in an announcement of preliminary results. Sharply higher sales of luxury bags, watches and jewelry, which have high gross profit margins, helped boost the company's third-quarter financial results, it said. For the first nine months of the...
