HONG KONG Nov 29 Chow Tai Fook Jewellery Group
Ltd, the world's biggest jewellery retailer by market
value, posted a 33 percent fall in six-month profit on Thursday
due to a drop in sales amid slower economic growth in China,
higher operating costs and losses on gold hedging.
The Hong Kong-listed company, which competes with Cartier
, Tiffany & Co and local firms like Luk Fook
Holdings (International) Ltd, posted a net profit of
HK$1.82 billion for the six months ended in September, compared
with HK$2.69 billion a year earlier.
That compared with an average forecast of HK$2.18 billion
from five analysts polled by Reuters.
Chow Tai Fook this month warned that it expected its gross
profit margin to fall 2-3 percent during the six-month period
due to gold hedging activities as the price of gold increased.