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Chow Tai Fook Jewellery fiscal H1 profit falls YOY

Chow Tai Fook Jewellery Group Ltd said its normalized net income for the fiscal first half ended Sept. 30 amounted to 21 Hong Kong cents per share, a decrease of 22.5% from 27 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$2.12 billion, a decline of 22.5% from HK$2.74 billion in the prior-year period.

Total revenue declined 22.4% on an annual basis to HK$29.32 billion from HK$37.77 billion, and total operating expenses declined 22.7% from the prior-year period to HK$25.79 billion from HK$33.39 billion.

Reported net income decreased 23.3% from the prior-year period to HK$2.69 billion, or 27 cents per share, from HK$3.51 billion, or 35 cents per share.