June 11, 2020 / 9:01 AM / 25 days ago

HK jeweller Chow Tai Fook posts 36.6% drop in yearly profit, worst since 2010

HONG KONG, June 11 (Reuters) - Chow Tai Fook Jewellery Group Ltd, China’s largest jeweller by market value, reported a 36.6% drop in annual profit on Thursday as COVID-19 and a surge in international gold prices dampened retail demand.

The company’s net profit plunged to HK$2.9 billion ($374 million) from HK$4.58 billion in its worst annual performance since 2010.

That fell short of the HK$3.67 billion forecast by analysts, Refinitiv SmartEstimate data showed.

Revenue for the year to March 31 fell 14.9% to HK$56.75 billion from HK$66.66 billion.

Same-store sales in Hong Kong and Macau fell by 38.7% and by 15.1% in mainland China.

$1 = 7.7505 Hong Kong dollars Reporting by Donny Kwok; editing by Jason Neely

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