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Hong Kong jeweller Chow Tai Fook says FY profit rises 3.9 pct
June 8, 2017 / 9:11 AM / 6 months ago

Hong Kong jeweller Chow Tai Fook says FY profit rises 3.9 pct

HONG KONG, June 8 (Reuters) - Chow Tai Fook Jewellery Group Ltd, China’s largest jeweller by market value, on Thursday reported a 3.9 percent 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 ($392.5 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 percent 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 percent for the year, while that in Hong Kong and Macau plunged 12.4 percent.

$1 = 7.7961 Hong Kong dollars Reporting by Donny Kwok; Editing by Sherry Jacob-Phillips

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