Chow Sang Sang Expects Profit Surge

RAPAPORT… Chow Sang Sang’s profit soared in the first half of the year amid a recovery in the mainland China market, the company estimated.

Profit increased between 145% and 155% year on year for the six months ending June 30, the Hong Kong jeweler said in a preliminary announcement last week. The figure ranged from HKD 518 million ($66.6 million) to HKD 539 million ($69.3 million), compared with HKD 211.4 million ($27.3 million) for the same period a year ago.

“The main cause of the increase was the swift recovery of the group’s jewelry retail business in mainland China subsequent to the slump caused by the Covid-19 pandemic during the first quarter of 2020,” the company explained.

The jeweler will publish its full first-half results in August.

Image: A Chow Sang Sang store in Hong Kong. (Shutterstock)