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Chow Sang Sang Expects Profit Slump in 1H
Jul 18, 2016 9:42 AM
By Rapaport News
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RAPAPORT... Chow Sang Sang warned profit is expected to plunge 50 percent to 60 percent for the first half of 2016 as consumer sentiment in China and Hong Kong weakened, according to preliminary estimates.
The jeweler attributed the slump to a decline in sales turnover and unrealized losses from its gold hedging activities. The decline in net income would be gentler had it not been for a one-off gain of $31.7 million (HKD 246 million) recorded a year ago from a disposal of shares in Hong Kong Exchanges and Clearing Limited in 2015.
Shares in Chow Sang Sang tumbled 6 percent in Hong Kong trading on Monday as the company was just one of the major jewelers in the region sounding a cautious note about the market. Earlier, Luk Fook reported same store sales plunged 24 percent in the fiscal first quarter that ended June 30, while Chow Tai Fook also said its sales dropped 13 percent in China and 22 percent in Hong Kong and Macau.
Chow Sang Sang is yet to announce the date on which it will release full-results for the period under review. |
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Tags:
Chow Sang Sang, Chow Tai Fook, diamonds, gems, gold, Hong Kong, jewellery, Jewelry, Luk Fook, Rapaport News
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