HK jeweller Chow Tai Fook yearly profit jumps 108% to highest since 2014

HONG KONG: Chow Tai Fook Jewellery Group reported a 107.7 per cent jump in annual profit on Tuesday (Jun 8), thanks to a one-off 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 HK$6.03 billion (US$776.65 million) from HK$2.9 billion in 2019. That compared to a forecast of HK$5.23 billion by 14 analysts, Refinitiv SmartEstimate data showed.

It was the highest annual profit since the HK$7.27 billion in fiscal 2014.

Revenue for the year to March 31 rose 23.6 per cent to HK$70.16 billion from HK$56.75 billion in the year earlier period. Same-store sales in Hong Kong and Macau plunged 41.3 per cent but rose almost 32 per cent in mainland China.