INTENSE competition and unfavourable economic conditions dampened jewellery manufacturer Tse Sui Luen Jewellery (International)'s interim profit growth to a sluggish 0.8 per cent from $60.9 million to $61.4 million. A $15.8 million exceptional item from the sale of its investment in Peregrine International Holdings was dwarfed by the $30 million exceptional in the same period to August last year. Basic earnings per share were 21 cents, compared with 20 cents a year earlier, and the dividend will rise from seven to 10 cents. During the period, the company revalued its property holdings from $78 million to $395 million, lifting net asset value per share from $2.69 to $3.96. The company anticipates local consumption, tourist arrivals and tourist spending will rise in the second half, boosting the retail market. In September, the company secured the licence to use Peanuts cartoon characters to add variety to its jewellery designs.
