HK’s Chow Tai Fook FY profit soars 34 pct, in line with forecast
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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.
Questions & Answers
Q.What was the total net profit achieved by Chow Tai Fook for the year ended in March?
What was the total net profit achieved by Chow Tai Fook for the year ended in March?
The company reported a net profit of HK$4.10 billion for the year, marking a 34 percent increase from the previous year. This figure translates to $521.98 million.
Q.How did the reported profit compare to analyst predictions for the same period?
How did the reported profit compare to analyst predictions for the same period?
The reported net profit of HK$4.10 billion was slightly below the SmartEstimate forecast of HK$4.25 billion. However, it still represented the highest yearly profit in three years.
Q.What were the primary factors contributing to the rise in Chow Tai Fook's full-year net profit?
What were the primary factors contributing to the rise in Chow Tai Fook's full-year net profit?
The increase in net profit was largely attributed to improving consumer sentiment. Also, an uptick in mainland tourist arrivals in its operating regions also played a significant role.
Q.What was the growth rate for same-store sales in Chow Tai Fook's jewellery business across its key markets?
What was the growth rate for same-store sales in Chow Tai Fook's jewellery business across its key markets?
Same-store sales for the jewellery business rose by 8 percent in mainland China. In Hong Kong and Macau, these sales saw a higher climb of 10.2 percent.
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