Luk Fook Group’s net profit inches up by 0.6% 

The company’s net profit stood at HK$658m in the six months ending in September.

Luk Fook Holdings (International) Limited announced its net profit attributable to shareholders inched up by 0.6% to HK$657.61m in the six months ending on 30 September 2022. 

Over the same period, the company’s revenue slipped by 0.3% to HK$5.573b amidst the persisting uncertainty in the global market. 

“During the Period under review, the overall same-store sales growth (SSSG) of the Group turned around to growth from a decline since the second quarter of the current financial year despite the high base, among which Hong Kong and overseas markets recorded decent growth in SSSG due to recovery of market sentiment and the surging demand in gold products caused by the decline in gold prices,” Wong Wai Sheung, Chairman and Chief Executive Officer of the Group said. 

“However, as a result of a pandemic resurgence in Mainland and high base effect, the decline in its SSSG offset the growth of the other markets.”

Read more: Chow Tai Fook Jewellery shines as profit grows 11% in 2022

The recovery of retail sales in the region, along with the favourable gold sales sentiment due to the drop in gold prices, resulted in increases, but this was netted-off by the drop in wholesaling revenue owing to the sluggish demand of fixed price jewellery products especially in the Mainland.