HONG KONG: Chow Tai Fook Jewellery Group Ltd reported a 107.7per cent jump in annual profit on Tuesday, thanks to a oneoff COVID-19 related rent concession, an unrealised gain on gold loans and a foreign exchange gain.
China’s largest jeweller by market value said net profit surged to HKUS$6.03 billion (US$776.65 million) from HKUS$2.9 billion in 2019. That compared to a forecast of HKUS$5.23 billion by 14 analysts, Refinitiv SmartEstimate data showed.
It was the highest annual profit since the HKUS$7.27 billion in fiscal 2014.
Revenue for the year to March 31 rose 23.6per cent to HKUS$70.16 billion from HKUS$56.75 billion in the year earlier period. Same-store sales in Hong Kong and Macau plunged 41.3per cent but rose almost 32per cent in mainland China.
(US$1 = 7.7590 Hong Kong dollars)
(Reporting by Donny Kwok and Twinnie Siu; Editing by Kirsten Donovan)
Source: Reuters
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