Chow Tai Fook Anticipates Profit Surge
Oct 30, 2013 6:48 AM
By Deena Taylor
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RAPAPORT... Chow Tai Fook notified shareholders that it expects significant growth in its year-on-year profit for the six-month period that ended on September 30, 2013.
The anticipated surge in profit follows a preliminary analysis of the group's financials and is expected as a result of increased revenue from strong gold product sales, coupled with the reduced effect of hedging loss on gold loans during the period.
Chow Tai Fook reported strong growth in gold product sales in the second quarter that ended on September 30. Gold product same-store sales grew by 33 percent, driven mainly by a notable volume increase for luxury jewelry during the quarter.
The group is expected to release its interim results in late November.
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Tags:
Chow Tai Fook, Deena Taylor, gold, Gold jewelry
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