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Chow Tai Fook Jewellery fiscal H2 profit falls YOY

Chow Tai Fook Jewellery Group Ltd said its normalized net income for the fiscal second half ended March 31 amounted to 20 Hong Kong cents per share, a decline of 29.4% from 28 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$1.99 billion, a decline of 29.4% from HK$2.81 billion in the year-earlier period.

Total revenue decreased 11.8% on an annual basis to HK$34.96 billion from HK$39.64 billion, and total operating expenses decreased 9.5% year over year to HK$31.76 billion from HK$35.08 billion.

Reported net income fell 26.6% from the prior-year period to HK$2.76 billion, or 28 cents per share, from HK$3.76 billion, or 38 cents per share.

For the year, the company's normalized net income totaled 41 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 60 cents.

EPS declined 26.0% from 56 cents in the prior year.

Normalized net income was HK$4.11 billion, a decline of 26.0% from HK$5.55 billion in the prior year.

Full-year total revenue decreased 17.0% on an annual basis to HK$64.28 billion from HK$77.41 billion, and total operating expenses decreased 15.9% on an annual basis to HK$57.55 billion from HK$68.46 billion.

The company said reported net income fell 25.0% on an annual basis to HK$5.46 billion, or 55 cents per share, in the full year, from HK$7.27 billion, or 73 cents per share.