Luk Fook secures rent revision

Jewellery retailer Luk Fook Holdings (International) said it had secured a cut in its rental bill of more than $800,000 for the current year in order to control its operating costs. Chairman and chief executive Wong Wai-sheung said even though the total sum of rental savings was not material at the moment, it reflected the group's intention of seeking any possible opportunity to cut costs and improve the profit margin. Rental costs accounted for about 2.5 per cent of its turnover for the past 18 months.