November 29, 2018 / 8:58 AM / 10 months ago

HK's Chow Tai Fook H1 profit rises 8.8 pct, lags forecast

HONG KONG, Nov 29 (Reuters) - Chow Tai Fook Jewellery Group Ltd, China’s largest jeweller by market value, reported on Thursday an 8.8 percent jump in half-year profit, underpinned by solid consumer sentiment and an uptick in mainland tourists to Hong Kong.

The company’s net profit rose to HK$1.94 billion ($248.01 million) for the six months ended September 2018, from HK$1.78 billion a year earlier, its best first-half results since 2014 when it clocked HK$2.69 bln. However, it fell short of a forecast of HK$2.08 billion by Refinitiv SmartEstimates.

Revenue for the 6-month period jumped 20 percent to HK$29.70 billion from HK$24.75 billion in the year-ago period.

Same store sales in Hong Kong and Macau grew 24.4 percent, and were up 4.9 percent in mainland China. ($1 = 7.8222 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Sunil Nair)

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