Chow Tai Fook Full-Year Net Profit Up 4% to HK$3.06 Billion

Chow Tai Fook Jewellery Group Ltd. (1929.HK) reported a 4% rise in net profit for the year ended March, as retail spending improved in the second half amid a recovery in tourist arrivals in Hong Kong and Macau.

The Hong Kong-listed company's full-year net profit rose to 3.06 billion Hong Kong dollars (US$392.6 million) from HK$2.94 billion a year earlier. The results were slightly lower than the HK$3.11 billion forecast of 14 analysts polled by S&P Global Market Intelligence.

Full-year revenue dropped 9.4% to HK$51.25 billion from HK$56.59 billion a year ago, the retailer said, though revenue in the second half rose 4.4% from the previous year, recovering from a 23.5% on-year decline in the first half.

The firm recommended a final dividend of 10 Hong Kong cents (1.3 U.S. cents) a share and a second special dividend of 20 Hong Kong cents a share.

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(END) Dow Jones Newswires

June 08, 2017 05:27 ET (09:27 GMT)