Hong Kong tycoon Cheng’s jeweller sees steep revenue fall amid slowdown

Quick Summary:

HONG KONG – China’s largest jewelry 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.

Operating profit, which reflects the jeweller’s core operational performance, was up 4 per cent to HK$6.8 billion.

In Hong Kong, the group’s second largest market, slow tourism recovery – in both visitor arrivals and travel spending – also led to steep sales drop.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaHong KongMacau

Topics: Business Confidence Hong Chow Hk$2 Fook Kong Cent Prices Group Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-27 @ 08:50:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 494 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 23899711

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