Hong Kong’s TSL Sees Revenue Jump

RAPAPORT… Sales and profit grew sharply at Tse Sui Luen (TSL) in
the past 12 months amid stronger consumer sentiment in Greater China and a rise
in tourism to Hong Kong. 

Revenue jumped 12% to $486 million (HKD 3.81 billion) across
all markets in the fiscal year ending February 28, the Hong Kong-based jeweler
reported Thursday. The annual profit of $5.9 million (HKD 46.6 million) was
roughly double last year’s $3 million (HKD 23.2 million).

Sales in mainland China climbed 13% to $298.2 million (HKD
2.34 billion), while revenue in Hong Kong and Macau rose 9% to $180.5 million
(HKD 1.42 billion).

Those improvements were mainly due to better business
conditions toward the end of 2017, which continued into 2018, TSL explained.
Strong sentiment during various festive seasons led to higher average spending
per purchase, it added. In addition, the number of tourists visiting Hong Kong
and Macau increased, driving the rise in sales for that region.

“The growing middle class in mainland China provides us with
a solid base and plenty of room for the expansion of our offering of luxury
jewelry,” the company noted.

The company also reduced its borrowing expenses by carrying
out a cost-saving program, resulting in the stronger profit, it said.

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