A “significant” decrease of 48 per cent in revenue to about HK$154.4 million (US$19.8 million) has been reported for last year by Hong Kong-listed Junefield Department Store Group.

This resulted in a net loss attributable to the owners of the company of about HK$36.495 million, a drop of 47 per cent.

Junefield says its revenue fall was mainly because of its mineral concentrates trading segment, while the net loss was mainly attributable to its property development business in Peru.

During the year, the group discontinued its retail business in Wuhan. Run by Huaxia Group, a former subsidiary, the business was mainly property management and agency services as well as a retail business run through a former 49 per cent owned associate, Wuhan Plaza Management. The disposal was approved on January 29 and completed on February 18. The final consideration was about HK$219.3 million.

After the disposal, the group recorded a loss from the discontinued business of about HK$1.953 million.