Chow Tai Fook (01929) announced interim results. Profit attributable to shareholders of HK$2.53 billion decreased by 44.4% year-on-year

According to the Zhitong Finance App, Chow Tai Fook (01929) announced interim results for the six months ended September 30, 2024. The group achieved a turnover of HK$39.408 billion, a year-on-year decrease of 20.43%; profit attributable to shareholders of HK$2.53 billion, a year-on-year decrease of 44.4%; basic profit per share was 25.3 HK cents; and an interim dividend of HK$0.2 per share was proposed.

According to the announcement, consumer demand in major markets is being dragged down by external macroeconomic factors and large fluctuations in gold prices. Mainland China's turnover declined by 18.8% and by 18.3% at the same exchange rate. Hong Kong, China, Macau and other markets were also affected by changes in the consumption patterns and preferences of outbound and mainland travelers, which led to a 27.9% drop in turnover during the period.