HK’s Chow Tai Fook FY profit soars 34 pct, in line with forecast

Chow Tai Fook Jewellery Group Ltd, China’s largest jeweller by market value, on Thursday reported a 34 percent rise in full-year net profit, buoyed by improving consumer sentiment and an uptick in mainland tourists arrivals.

Net profit rose to HK$4.10 billion ($521.98 million) for the year ended in March from HK$3.06 billion a year earlier. It was its highest yearly profit in three years. That compared with a HK$4.25 billion forecast by SmartEstimate.

Revenue for the 12-month period rose 15.4 percent to HK$59.16 billion from HK$51.25 billion in the same period a year earlier.

Same-store sales of its jewellery business in mainland China rose 8 percent for the year, while that in Hong Kong and Macau climbed 10.2 percent.