People may be staying away from hotels, airlines and luxury toys during Covid-19, but they’re still buying toilet paper – lots of it – explaining why Vinda International Holdings is one of the lucky few Hong Kong-listed companies reporting surging profits.
Knife-wielding robbers even stole 600 rolls of toilet paper in the city, where, according to one study, residents are diehard stockpilers. “The group achieved remarkable revenue growth thanks to the continuous portfolio mix enhancement and low pulp price,” chief executive Christoph Michalski said on Friday.
Meanwhile, medical device manufacturer Vincent Medical Holdings expects to post a net profit of at least HK$80 million for the six months ending June 30, up more than 480 per cent from HK$13.7 million for the same period last year. “The real economy has taken a huge hit from the coronavirus. But on the other hand, online shopping has seen a huge surge amid Covid-19, benefiting online service providers,” said Hantec’s Tsui.