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Chow Tai Fook Jewellery sees steep revenue fall amid slowdown
The Straits Times
|November 28, 2024
China's largest jewellery retailer Chow Tai Fook Jewellery Group saw revenue plunge 20.4 per cent in the half year ended September, the biggest drop for the period since 2016 as the world's No. 2 economy slows and record high gold prices dent luxury spending.
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Revenue for the group, the biggest listed arm of billionaire Henry Cheng's business empire, was HK$39.4 billion (S$6.8 billion) for the period, the company said in a statement on Nov 26.
Profit fell 44.4 per cent to HK$2.6 billion, mainly due to losses from revaluation of gold loan contracts amid volatile prices.
Operating profit, which reflects the jeweller's core operational performance, was up 4 per cent to HK$6.8 billion.
The group declared an interim dividend of 20 Hong Kong cents per share, compared with 25 Hong Kong cents a year before.
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