(Yicai Global) Feb. 13 -- Chinese catering firms have lost about CNY500 billion (USD71.6 billion) in seven days due to the new coronavirus epidemic that hit the holiday period that used to be the most lucrative for them each year, according to a national industry guild.

From Jan. 24 to Jan. 30, the revenues of some 78 percent of China's catering companies fell by more than 100 percent from a year earlier, the China Cuisine Association said in a report that used data from Evergrande Group's research institution. The report didn't disclose how many respondents the survey had had.

The Chinese New Year holiday is usually an annual highlight of shopping, family time and traveling but this year has delivered another kind of unwinding when most people have stayed in and shops have remained closed amid fears of contracting the deadly virus.

Some 93 percent of the survey participants had shut down their businesses during the outbreak. About 94 percent of Chinese New Year's Eve family dinners were canceled, they said. That is major because nearly 16 percent of restaurants' annual revenues came from the Spring Festival holiday last year. 

The food outlets estimated their first-quarter labor costs at CNY10.6 million (USD1.5 million), the highest among all expenses, followed by expired inventory and medical equipment purchases. 

Many companies tried to pare losses by selling inventory, preparing takeaway food, and suspending expansion plans. They can also apply for government subsidies and bank loans, as well as negotiate with staff about deferred payroll.

Editor: Emmi Laine