Image credit: Chow Tai Fook
Chow Tai Fook Jewellery Group Ltd (CTF) announced its Interim results for the six months ending September 30, 2020, saying that its revenues in the first half of the fiscal year 2021 dipped by 16.5 per cent owing to ongoing virus-led challenges.
However, the report showed that profit attributable to shareholders of the company increased by 45.6 per cent. This, as per the company, was mainly due to improvements in its gross profit margin, government subsidies and rent concessions on top of foreign exchange gains.
According to the CTF, business in China saw a steady recovery on the back of the easing COVID-19 restrictions in the second quarter of the year, but Hong Kong, Macau and other markets remained stagnant. Also, same-store sales in China were flat in H1, supported by the recovery in business activities and consumer sentiment. In Hong Kong and Macau, same-store sales shrank by 65.7 per cent due to a lacklustre retail environment.
Chow Tai Fook Jewellery Group Chairman Dr Henry Cheng remarked, “Despite the challenges posed by the evolving situation of Covid-19 and uncertainties in the global economy, the group pressed ahead during 1HFY2021. The group will continue to adapt to the ever-changing business environment, allowing us to mitigate risks and overcome challenges through innovations.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
