HONG KONG, June 18 (Reuters) - Chow Tai Fook Jewellery Group Ltd, the world’s largest jewellery retailer by market value, posted a 13 percent fall in net profit for the year ended March, as slower economic growth and a crackdown on luxury spending weighed on sales.
Net profit fell to HK$5.5 billion ($709 million)from HK$6.34 billion a year earlier, the company said in a statement on the Hong Kong stock exchange. That was compared to a forecast of HK$5.6 billion, according to Thomson Reuters I/B/E/S.
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$1 = 7.7598 Hong Kong dollars Reporting By Donny Kwok and Anne Marie Roantree; Editing by Himani Sarkar