Chow Tai Fookreported a sharp fall in interim net profit, painting a grim picture of Chinese consumer sentiment and raising concerns that the world’s largest jewellery retailer by market value had entered slower growth, writes Enid Tsui in Hong Kong.
The Hong Kong-based company said yesterday that lack of consumer confidence and an estimated HK$600m accounting loss from its gold hedging contracts resulted in a 32.9 per cent decline in net profit to HK$1.9bn ($245m) for the six months to September 30.
Same-store sales fell 1.7 per cent in the first six months, the company said.
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