In the first half of its fiscal year ending September 30, 2021, Chow Tai Fook’s (CTF) profit rose by 60.4 per cent to around $460 mn while revenues were up 79.1 per cent to around $5.67 bn.
The company’s high profit is attributed to good demand for gold jewellery, which remained strong during the period. Also, because of CTF’s HUÁ Collection, a favourite of youngsters; as well as a relatively soft international gold price contributed to the substantial revenue.
Improved consumer sentiments and favourable economic conditions from a more stable Covid-19 situation, benefitted business in China. Revenues from the mainland China too rose sharply by 81.7 per cent due to opening of new stores and steady demand.
Hong Kong, Macau and other markets meanwhile saw a 63 per cent year-on-year spike in revenues largely due to increased local consumer spending.
However, growth is expected to slow down in second H2, but CTF is counting on continued macroeconomic improvements, retail expansion strategies and digital initiatives to support the business.
Aruna Gaitonde, Editor in Chief of the Asian Market, Rough&Polished
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