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Jeweller Chow Tai Fook's full-year net profit falls 13 pct
June 18, 2013 / 8:32 AM / 4 years ago

Jeweller Chow Tai Fook's full-year net profit falls 13 pct

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.

For a statement click here

$1 = 7.7598 Hong Kong dollars Reporting By Donny Kwok and Anne Marie Roantree; Editing by Himani Sarkar

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