(Yicai Global) April 13 -- China Tourism Group Duty Free's stock price plunged by 10 percent this afternoon, but the company said it was operating normally.

Shares in CTG Duty Free [SHA: 601888] closed 10 percent lower at CNY265.85 (USD40.57) today, with a turnover of CNY6.5 billion (USD992 million) for the whole day.

The company achieved revenue of CNY18.1 billion (USD2.8 billion) in the first quarter, up 127.48 percent year-on-year, according to the first-quarter performance report it released after close of trading today. Net profit reached CNY2.8 billion, compared to a loss of CNY21.9 million in the same period last year.

The strong first quarter results were mainly thanks to newly relaxed limits on offshore duty-free shopping in Hainan, the company said. The low base of comparison from last year amid the Covid-19 pandemic was another key factor.

Editor: Tom Litting