Company upbeat despite lack of an exceptional gain and as profits fall 26pc
Jewellery maker and retailer Hang Fung Gold Technology has bucked the recent trend of strong results in the retail sector, reporting a 26.01 per cent decline in earnings to $61.77 million, despite increased spending by mainland tourists.
Hang Fung Gold blamed the absence of an exceptional gain for its performance for the year to March.
In the previous year, Hang Fung Gold had recorded a net profit of $83.5 million, boosted by a $48.66 million exceptional gain from the sale of securities.
Other retailers such as Sa Sa International and Dickson Concept International have posted impressive results despite the outbreak of Sars in the first half of last year.
If the impact of the exceptional gain were removed, Hang Fung's net profit this year would have increased 77.3 per cent, chairman Lam Sai-wing said yesterday.
However, despite Mr Lam's positive take on the result, Hang Fung Gold shares finished down 11.33 per cent at $1.33 yesterday.
