Chow Tai Fook shares surge to 4-month high as profit fall eases

Hong Kong

SHARES of Chow Tai Fook Jewellery Group Ltd jumped to the highest level in about four months after the world's largest publicly traded jewellery chain reported that profit fell less than a year earlier, as it negotiated lower rents and shuttered stores amid tepid Chinese demand for luxury goods.

Net income dropped 22 per cent to HK$1.22 billion (S$224 million) for the six months ended September, easing from the 42 per cent decline in the same period last year, Chow Tai Fook said in a statement on Tuesday. The jeweller also announced a special dividend.