(Yicai Global) April 1 -- Fosun International’s profit slumped almost 46 percent last year as the pandemic upset the Chinese conglomerate’s business.

Net profit was CNY8 billion (USD1.2 billion) in the 12 months ended Dec. 31, the Shanghai-based company said in an earnings report yesterday. Revenue fell 4.4 percent to CNY136.6 billion (USD20.8 billion).

Describing 2020 as possibly its “most difficult year,” Fosun said the coronavirus pandemic had “severely affected” operations including its offline retail, overseas tourism and insurance businesses.

But not all parts of the conglomerate suffered equally. Fosun Pharmaceutical Group, which is BioNTech’s Covid vaccine agent in China, and another subsidiary, retailer Yuyuan Tourist Mart Group, both logged revenue growth. Resort operator Fosun Tourism Group started recovering in the second quarter as China emerged from the initial throes of the contagion’s outbreak. 

“The recovery momentum is in line with the dynamics of different countries locally and also in line with the pace of vaccination campaigns,” Chief Financial Officer Alex Gong said on an earnings conference call.

Chairman Guo Guangchang pledged ongoing support to promote the vaccine distributed by Fosun Pharma in the Chinese market. “The pandemic continues to rage around the world,” he said in a letter to shareholders. “In order to win the war against Covid-19, I believe the vaccine remains the key to victory.”

Shares of Fosun International [HKG:0656] ended 1.5 percent higher today at HKD11.04 (USD1.42) each. After falling as much as 1.5 percent in the morning session, the stock gained as much as 1.8 percent shortly before the close.

Looking ahead, Fosun will continue to pursue globalization and will adhere to its twin-driver strategy of ‘industry operations + industrial investment,’ despite “dissenting voices against globalization” around the world, Guo said. 

The company will complement its core technologies and operating capabilities via investments to help push forward business development, according to Co-Chief Executive Xu Xiaoliang.

Editor: Zhang Yushuo, Emmi Laine, Xiao Yi