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Chow Tai Fook posts 79% surge in net profit for FY2012

Jun. 27, 2012 (China Knowledge) - Chow Tai Fook Jewelry Group Ltd<1929>, a jewelry retailer controlled by Cheng Yutung, the chairman of investment company New World Development Co Ltd<0017>, announced yesterday that its net profit soared 79% YoY to HK$6.34 billion in the fiscal year ended Mar. 31, 2012, boosted by continued demand for luxury goods in mainland China.

The company's revenue reached HK$56.57 billion in the year, up 61% from the previous year. Same-store sales jumped 40% YoY.

Chow Tai Fook proposed a final dividend of 10 HK cents.

Chow Tai Fook, which is the world’s biggest jeweller by market value and has over 1,600 outlets in Hong Kong and the mainland, aims to have 2,000 outlets by 2014.

Chairman Henry Cheng said the company plans to increase the proportion of non-gold sales to more than 50% from 27% in three to five years.

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