Zhitong Financial APP News, Grand Happy Group (00052) issued an announcement that the group expects to make a profit attributable to shareholders of about HK $150 million for the year ended March 31, compared with HK $61 million for the same period last year.

According to the announcement, the expected change in profit for the year was mainly attributable to the funding and allowances received by the Group in connection with the 2019 coronavirus outbreak from the governments of Hong Kong, China and the mainland of China in that year, including allowances under the employees' Employment Protection Scheme of the Hong Kong Government, China. The employment allowance has been fully used to pay the salaries and wages of the employees of the Group in Hong Kong, China.

It is learnt that the Group is committed to improving the overall productivity and efficiency of the Group through the promotion of its products and its online ordering system "Clickand Collect" as well as the external delivery platform to promote the takeout business. The Group has also taken positive measures to promote its cost control, including, but not limited to, improving staff productivity through flexible establishment, negotiating with owners and suppliers with the goal of obtaining the most favourable contract terms, simplifying logistics and warehousing arrangements and effectively controlling other operating expenses.

In addition, compared with the previous year, the increase in impairment losses on right-to-use assets and other property, machinery and equipment offset some of the increase in profit attributable to shareholders for the year.