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Chow Tai Fook H1 profit up 8.8%

30 November 2018


From left, Chow Tai Fook Jewellery Group Managing Director Kent Wong; Executive Director for strategic investment Adrian Cheng; and Executive Director for finance and operations Hamilton Cheng

 

Chow Tai Fook Jewellery Group Ltd reported an 8.8 percent rise in profit for the six months ended September 30 on the back of stronger consumer demand and an increase in mainland tourist arrivals in Hong Kong.

Net profit reached HK$1.94 billion (around US$248 million) from HK$1.78 billion (around US$227.6 million) a year ago. Half-year revenue rose 20 percent to HK$29.7 billion (around US$3.8 billion) during the period in review.

According to the company, the jewellery retail sector saw positive momentum in Greater China during the six-month period, thanks to steady economic recovery and improving consumer sentiment.

Such growth momentum however is expected to slow down in the second half of the year due to the US-China trade war and foreign exchange fluctuations. Chow Tai Fook Jewellery Group Chairman Dr. Henry Cheng remarked, “Growing in a time of change, the group has always poised to inject vitality in people, products and operations through our persistent investment in innovation and technology that allows us to formulate and execute a winning customer experience strategy. At all events, we remain optimistic about the mid-to long-term prospects of the jewellery market, on the back of the continuing changes undergoing in China.”