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Hong Kong jeweller Chow Tai Fook says FY profit rises 3.9%
[HONG KONG] Chow Tai Fook Jewellery Group Ltd, China's largest jeweller by market value, on Thursday reported a 3.9 per cent rise in profit, buoyed by sales rebound in the second half of the year as consumer sentiment improved.
Net profit increased to HK$3.06 billion (S$542.21 million) for the year ended in March, from HK$2.94 billion profit a year ago, ending two consecutive years of decline. That matched HK$3.1 billion forecast by SmartEstimate.
Revenue for the 12-month period slipped 9.4 per cent to HK$51.25 billion from HK$56.59 billion in the same period last year.
Same-store sales of its jewellery business in mainland China fell 5.2 per cent for the year, while that in Hong Kong and Macau plunged 12.4 per cent.