Silver Base

Silver Base's sales dropped sharply in the past financial year amid a crackdown on corruption on the mainland. Photo: Sam Tsang

Silver Base switches tack after plunge into the red

Mainland liquor and cigarette distributor Silver Base will launch cheaper products after reporting a net loss of HK$1.13 billion for the past financial year. The firm reported an 86.9 per cent drop in revenue to HK$390.2 million for the year to March, blaming it on the economic slowdown on the mainland and Beijing's crackdown on corruption.